Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21745

 

 

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2016

Date of Reporting Period

 

 

 

Item 1. Reports to Stockholders

LOGO

 

 

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund (ETW)

Annual Report

December 31, 2016

 

 

 

 

 


 








 
 


Commodity Futures Trading Commission Registration. Effective
December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level
of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term
“commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the
Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. 


Managed Distribution Plan. Pursuant to an exemptive order issued by the
Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution
Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. 
 
The Fund
currently distributes monthly cash distributions equal to $0.0973 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the
MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably
foreseeable circumstances that might cause the termination of the MDP. 
 
The Fund may distribute more than its net investment income and net realized capital gains
and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each
distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice
and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each
calendar year. 
 
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository
institution. Shares are subject to investment risks, including possible loss of principal invested. 







 
Annual Report December 31, 2016 


Eaton Vance 
 
Tax-Managed Global Buy-Write Opportunities Fund

 
Table of Contents 
 
 

















 
Management’s Discussion of Fund Performance

  
 
2
 








 
Performance

  
 
3
 








 
Fund Profile

  
 
4
 








 
Fund Snapshot

  
 
5
 








 
Endnotes and Additional Disclosures

  
 
6
 








 
Financial Statements

  
 
7
 








 
Report of Independent Registered Public Accounting Firm

  
 
26
 








 
Federal Tax Information

  
 
27
 








 
Dividend Reinvestment Plan

  
 
28
 








 
Management and Organization

  
 
30
 








 
Important Notices

  
 
33
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 


December 31, 2016 
 
 


Management’s Discussion of Fund Performance1 


 


 

 
Economic and Market Conditions 


With U.S. stock markets leading the way, most global equity markets delivered gains for the 12-month period ended December 31, 2016. Continued low interest rates and
a rebound in oil prices were countered by geopolitical tensions, concerns about sluggish economic growth and uncertainties in the aftermath of the U.S. presidential election. 


Global equity markets opened the period in a sharp downturn amid worries about falling oil prices, declining interest rates and slowing global growth, particularly in
China. The pullback began in early January 2016 and continued into mid-February 2016, when stocks turned around and soon overcame the earlier losses. Coinciding with the rebound was a reversal in crude oil prices, which rose following a prolonged
decline. 
 
In late June 2016, Britain’s “Brexit” vote to leave the European Union sent stocks into a two-day tailspin. However, equity markets quickly
rallied, recovering the lost ground. In the U.S., major stock indexes reached multiple record highs during July and August 2016. 
 
Global equity markets retreated in
late August 2016, as oil prices declined and investors worried about a possible interest rate increase. The U.S. Federal Reserve’s (the Fed’s) decision at its September 2016 meeting to leave rates unchanged, along with an agreement by the
Organization of the Petroleum Exporting Countries (OPEC) to curb oil production, sent stocks briefly higher. In November 2016, U.S. stocks rallied sharply following Donald Trump’s victory in the U.S. presidential election. The rally continued
into December 2016 with financial stocks and the aerospace & defense industry leading the way. Financial stocks got another boost in mid-December 2016 when the Fed raised its benchmark interest rate amid positive economic reports. However,
the U.S. rally was not shared by other global markets, most of which lagged in the final month amid worries about future trade and immigration policy under President-elect Trump. 


For the 12-month period, the MSCI World Index,2 a proxy for global equities, returned 7.51%. The MSCI EAFE Index, an
index of developed-market international equities, returned 1.00%, while the MSCI Emerging Markets Index returned 11.19%. In the U.S., the blue-chip Dow Jones Industrial Average advanced 16.50%, while the broader U.S. equity market, as represented by
the S&P 500 Index, gained 11.96%. 
 
Fund Performance 


For the 12-month period ended December 31, 2016, Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the Fund) had a total return of 3.46% at net asset
value (NAV), underperforming the 11.96% return of its benchmark, the S&P 500 Index (the Index), the 7.07% return of the CBOE S&P 500 BuyWrite Index and the 5.81% return of the



 

CBOE NASDAQ-100 BuyWrite Index, but outperforming the 0.27% return of the FTSE Eurotop 100 Index in U.S. dollars. The Fund’s common stock portfolio underperformed the Index during the
period, and the Fund’s options overlay strategy detracted from performance versus the Index as well. 
 
The Fund employs an options strategy of writing (selling)
stock index call options on a portion of its underlying common stock portfolio. The options strategy, which is designed to help limit the Fund’s exposure to market volatility and to provide current income, proved disadvantageous during a
12-month period marked by generally low volatility in the equity markets and a strong market upturn in late June 2016, when equity markets rallied back sharply after initially declining post-Brexit (Great Britain’s June 23 vote to leave
the European Union). When the market turned upward, some of the Fund’s writing of call options on U.S. and overseas indexes ended in losses and detracted from performance versus the Index. 


Within the Fund’s common stock portfolio, exposure to European stocks in general hurt Fund performance versus the U.S.-centric Index, due to the underperformance of
European stocks overall compared with U.S. equities, as well as a strengthening U.S. dollar during the period that hurt the returns of European stocks when converted into dollars. More specifically, stock selection in the financials, health care and
consumer staples sectors detracted from Fund performance relative to the Index. In financials, underweighting U.S. bank JPMorgan Chase & Co., relative to the Index, hurt performance vs. the Index, as the stock benefited from somewhat higher
interest rates and the perception that the regulatory environment for banks would improve under the incoming U.S. administration. Elsewhere in the sector, the Fund’s out-of-Index holding in Italian bank Intesa Sanpaolo SpA. declined on weak
European economic growth and concern about the effects of Brexit on the European financial system. In health care, the Fund’s out-of-Index positions in Swiss pharmaceutical firms Roche Holding AG PC and Novartis AG both declined in price, due
in part to American news stories about high drug prices, which raised concerns that a new U.S. administration might put pricing pressure on the firms’ American business. 


In contrast, Fund performance versus the Index was helped by stock selection in the materials sector, where the Fund’s out-of-Index holdings in Anglo-Swiss mining
firm Glencore PLC and British-Australian mining company Rio Tinto PLC both benefited from rising commodity prices that drove strong stock performance. Individual holdings in other sectors that rose in price and contributed to Fund performance
relative to the Index included out-of-Index positions in German industrial conglomerate Siemens AG and U.K.-based semiconductor firm ARM Holdings PLC. By period-end, ARM Holdings had been acquired by another firm and was thus no longer held in the
portfolio. 
 

 
 
 
 


See Endnotes and Additional Disclosures in this report. 
 
Past performance is
no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses.
Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment
return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market
volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com. 

 
 















 
2
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 


December 31, 2016 
 
 


Performance2 


 
 
Portfolio Managers Michael A. Allison, CFA and Thomas
C. Seto 
 
 



























% Average Annual Total Returns
  
Inception Date
 
  
One Year
 
  
Five Years
 
  
Ten Years
 





 
Fund at NAV

  
 
09/30/2005
 
  
 
3.46
% 
  
 
7.89
% 
  
 
5.27
% 



 
Fund at Market Price

  
 
—
 
  
 
0.14
 
  
 
10.31
 
  
 
4.23
 



 
S&P 500 Index

  
 
—
 
  
 
11.96
% 
  
 
14.64
% 
  
 
6.94
% 



 
FTSE Eurotop 100 Index

  
 
—
 
  
 
0.27
 
  
 
5.66
 
  
 
0.69
 



 
CBOE S&P 500 BuyWrite Index

  
 
—
 
  
 
7.07
 
  
 
7.23
 
  
 
4.27
 



 
CBOE NASDAQ–100 BuyWrite Index

  
 
—
 
  
 
5.81
 
  
 
7.20
 
  
 
4.06
 












  



  



  



  






% Premium/Discount to NAV3
  
  
 
  
  
 
  
  
 
  
  
 




  



  



  



  
 
–5.98
% 












  



  



  



  






Distributions4
  
  
 
  
  
 
  
  
 
  
  
 



 
Total Distributions per share for the period

  



  



  



  
$
1.168
 



 
Distribution Rate at NAV

  



  



  



  
 
10.90
% 



 
Distribution Rate at Market Price

  



  



  



  
 
11.59
% 


 
 
 
See Endnotes and Additional Disclosures in this report. 


Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market
price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market
conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less
than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer
to eatonvance.com. 

 
 















 
3
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 


December 31, 2016 
 
 


Fund Profile 
 
 


 

 
Sector Allocation (% of total investments)5

 
 
 
 
 



LOGO
 
 
Country Allocation (% of total investments)5 


 
 
 
 



LOGO
 

 
Top 10 Holdings (% of total investments)5

 
 
 
 

















 
Apple, Inc.

 
 
4.0
% 








 
Microsoft Corp.

 
 
3.2
 








 
Amazon.com, Inc.

 
 
2.4
 








 
Nestle SA

 
 
2.0
 








 
Alphabet, Inc., Class A

 
 
1.7
 








 
Facebook, Inc., Class A

 
 
1.6
 








 
Alphabet, Inc., Class C

 
 
1.5
 








 
Roche Holding AG PC

 
 
1.5
 








 
Comcast Corp., Class A

 
 
1.4
 








 
Novartis AG

 
 
1.4
 








 
Total

 
 
20.7
% 


 
 

 
 
 
See Endnotes and Additional Disclosures in this
report. 

 
 















 
4
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 


December 31, 2016 
 
 


Fund Snapshot 
 
 


 


 
















Objective
 
The primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.








Strategy
 
The Fund invests in a diversified portfolio of common stocks and writes call options on one or more U.S. and foreign indices on a substantial portion of the value of its common stock portfolio to generate current earnings from
the option premium. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the
Fund.
 
 














Options Strategy
 
Write Index Covered Calls



 
 
 
Equity Benchmarks2

 
 
 
 
S&P 500 Index


FTSE Eurotop 100 Index



 
 
 
Morningstar Category

 
 
 
 
World Stock



 
 
 
Distribution Frequency

 
 
 
 
Monthly








Common Stock Portfolio
 
  



 
 
 
Positions Held

 
 
 
 
370



 
 
 
% US / Non-US

 
 
 
 
54.0/46.0



 
 
 
Average Market Cap

 
 
 
 
$144.2 Billion









Call Options Written
 
  



 
 
 
% of Stock Portfolio

 
 
 
 
94%



 
 


Average Days to Expiration

 
 
 
 
17 days



 
 
 
% Out of the Money

 
 
 
 
0.8%


 
The following terms as used in the Fund snapshot: 


Average Market Cap: An indicator of the size of the companies in which the Fund invests and is the sum of each security’s weight in the portfolio multiplied
by its market cap. Market Cap is determined by multiplying the price of a share of a company’s common stock by the number of shares outstanding. 
 
Call
Option: For an index call option, the buyer has the right to receive from the seller (or writer) a cash payment at the option expiration date equal to any positive difference between the value of the index at contract expiration and the exercise
price. The buyer of a call option makes a cash payment (premium) to the seller (writer) of the option upon entering into the option contract.  
 
Covered Call
Strategy: A strategy of owning a portfolio of common stocks and writing call options on all or a portion of such stocks to generate current earnings from option premium. 


Out of the Money: For a call option on an index, the extent to which the exercise price of the option exceeds the current price of the value of the index.


 
    

 

 
 
 
See Endnotes and Additional Disclosures in this
report. 

 
 















 
5
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 


December 31, 2016 
 
 


Endnotes and Additional Disclosures 


 


 






1
The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject
to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on
many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s
actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund
shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. 


 





2
MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets,
excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI
provides no warranties, has not prepared or approved this report, and has no liability hereunder. Dow Jones Industrial Average is a price- weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500 Index is
an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. FTSE Eurotop 100 Index is a tradable index designed to represent the performance of the 100 most highly capitalized blue-chip companies in Europe.
The return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. CBOE NASDAQ-100 BuyWrite Index measures the performance
of a theoretical portfolio that owns stocks included in the NASDAQ-100 Index and writes (sells) NASDAQ-100 Index covered call options. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions,
expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 
 





3
The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or
lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.







4 
The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may
be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend
distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the
calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of
Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the
investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings,
realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. 
 
 





5 
Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. 
 
 





    
Fund snapshot and profile subject to change due to active management. 
 


 
 















 
6
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments 


 


 






















Common Stocks — 100.4%
  










 



 






Security
 
Shares
 
 
Value
 



















 
Aerospace &
Defense — 1.8%

 
  



 
Airbus Group SE

 
 
97,477
  
 
$
6,438,226
  



 
General Dynamics Corp.

 
 
6,866
  
 
 
1,185,484
  



 
L3 Technologies, Inc.

 
 
5,966
  
 
 
907,488
  



 
Northrop Grumman Corp.

 
 
13,028
  
 
 
3,030,052
  



 
Raytheon Co.

 
 
33,521
  
 
 
4,759,982
  



 
Rolls-Royce Holdings PLC

 
 
306,584
  
 
 
2,518,127
  



 
Textron, Inc.

 
 
30,061
  
 
 
1,459,762
  



 
 
 
 
 
 
 
 
 





 
$
20,299,121
  



 
 
 
 
 
 
 
 
 







 
Air Freight &
Logistics — 0.4%

 
  



 
Deutsche Post AG

 
 
61,060
  
 
$
2,002,465
  



 
Expeditors International of Washington, Inc.

 
 
33,631
  
 
 
1,781,098
  



 
United Parcel Service, Inc., Class B

 
 
2,894
  
 
 
331,768
  



 
 
 
 
 
 
 
 
 





 
$
4,115,331
  



 
 
 
 
 
 
 
 
 







 
Airlines —
0.2%

 
  



 
Alaska Air Group, Inc.

 
 
16,774
  
 
$
1,488,357
  



 
International Consolidated Airlines Group SA

 
 
65,562
  
 
 
355,241
  



 
 
 
 
 
 
 
 
 





 
$
1,843,598
  



 
 
 
 
 
 
 
 
 







 
Auto Components —
0.7%

 
  



 
Aisin Seiki Co., Ltd.

 
 
10,200
  
 
$
441,348
  



 
BorgWarner, Inc.

 
 
11,315
  
 
 
446,264
  



 
Compagnie Generale des Etablissements Michelin, Class B

 
 
26,277
  
 
 
2,920,919
  



 
Denso Corp.

 
 
60,300
  
 
 
2,608,364
  



 
Toyoda Gosei Co., Ltd.

 
 
12,800
  
 
 
298,741
  



 
Toyota Industries Corp.

 
 
6,400
  
 
 
304,290
  



 
Yokohama Rubber Co., Ltd. (The)

 
 
75,500
  
 
 
1,349,581
  



 
 
 
 
 
 
 
 
 





 
$
8,369,507
  



 
 
 
 
 
 
 
 
 







 
Automobiles —
1.4%

 
  



 
Daimler AG

 
 
132,059
  
 
$
9,800,833
  



 
Ford Motor Co.

 
 
47,101
  
 
 
571,335
  



 
Honda Motor Co., Ltd.

 
 
41,600
  
 
 
1,214,524
  



 
Isuzu Motors, Ltd.

 
 
99,500
  
 
 
1,258,129
  



 
Mazda Motor Corp.

 
 
49,000
  
 
 
797,915
  



 
Toyota Motor Corp.

 
 
21,500
  
 
 
1,260,511
  



 
Volkswagen AG, PFC Shares

 
 
4,332
  
 
 
606,121
  



 
 
 
 
 
 
 
 
 





 
$
15,509,368
  



 
 
 
 
 
 
 
 
 























Security
 
Shares
 
 
Value
 





















 
Banks —
6.6%

 
  



 
Banco Bilbao Vizcaya Argentaria SA

 
 
41,559
  
 
$
280,063
  



 
Banco Santander SA

 
 
1,466,812
  
 
 
7,630,754
  



 
Bank of America Corp.

 
 
50,000
  
 
 
1,105,000
  



 
BNP Paribas SA

 
 
145,540
  
 
 
9,261,862
  



 
Citigroup, Inc.

 
 
10,022
  
 
 
595,607
  



 
Credit Agricole SA

 
 
243,088
  
 
 
3,009,109
  



 
Danske Bank A/S

 
 
77,886
  
 
 
2,356,343
  



 
Fifth Third Bancorp

 
 
112,006
  
 
 
3,020,802
  



 
First Horizon National Corp.

 
 
19,470
  
 
 
389,595
  



 
Hiroshima Bank, Ltd. (The)

 
 
87,000
  
 
 
405,404
  



 
HSBC Holdings PLC

 
 
995,388
  
 
 
8,031,398
  



 
Huntington Bancshares, Inc.

 
 
307,053
  
 
 
4,059,241
  



 
ING Groep NV

 
 
426,434
  
 
 
6,003,657
  



 
Intesa Sanpaolo SpA

 
 
2,091,453
  
 
 
5,297,946
  



 
JPMorgan Chase & Co.

 
 
47,825
  
 
 
4,126,819
  



 
KBC Group NV

 
 
22,722
  
 
 
1,403,942
  



 
KeyCorp

 
 
218,919
  
 
 
3,999,650
  



 
Lloyds Banking Group PLC

 
 
1,918,446
  
 
 
1,473,129
  



 
PNC Financial Services Group, Inc. (The)

 
 
6,406
  
 
 
749,246
  



 
Shinsei Bank, Ltd.

 
 
336,000
  
 
 
562,243
  



 
Societe Generale SA

 
 
135,261
  
 
 
6,653,056
  



 
SunTrust Banks, Inc.

 
 
19,446
  
 
 
1,066,613
  



 
U.S. Bancorp

 
 
20,850
  
 
 
1,071,064
  



 
Wells Fargo & Co.

 
 
51,808
  
 
 
2,855,139
  



 
 
 
 
 
 
 
 
 




 



 
$
75,407,682
  



 
 
 
 
 
 
 
 
 







 
Beverages —
1.9%

 
  



 
Anheuser-Busch InBev SA/NV

 
 
11,465
  
 
$
1,213,502
  



 
Coca-Cola Co. (The)

 
 
100,476
  
 
 
4,165,735
  



 
Constellation Brands, Inc., Class A

 
 
29,994
  
 
 
4,598,380
  



 
Heineken Holding NV

 
 
24,773
  
 
 
1,722,728
  



 
Heineken NV

 
 
7,692
  
 
 
576,422
  



 
Kirin Holdings Co., Ltd.

 
 
59,000
  
 
 
957,642
  



 
PepsiCo, Inc.

 
 
70,441
  
 
 
7,370,242
  



 
Takara Holdings, Inc.

 
 
84,000
  
 
 
771,395
  



 
 
 
 
 
 
 
 
 





 
$
21,376,046
  



 
 
 
 
 
 
 
 
 







 
Biotechnology —
3.6%

 
  



 
AbbVie, Inc.

 
 
47,758
  
 
$
2,990,606
  



 
Amgen, Inc.

 
 
78,478
  
 
 
11,474,268
  



 
BioMarin Pharmaceutical, Inc.(1)

 
 
19,589
  
 
 
1,622,753
  



 
Celgene Corp.(1)

 
 
92,074
  
 
 
10,657,565
  



 
Gilead Sciences, Inc.

 
 
143,508
  
 
 
10,276,608
  



 
Shire PLC

 
 
66,601
  
 
 
3,802,866
  



 
 
 
 
 
 
 
 
 





 
$
40,824,666
  



 
 
 
 
 
 
 
 
 
 
 


 
 















 
7
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 





















Security
 
Shares
 
 
Value
 





















 
Building Products —
0.5%

 
  



 
Daikin Industries, Ltd.

 
 
63,100
  
 
$
5,780,521
  



 
 
 
 
 
 
 
 
 





 
$
5,780,521
  



 
 
 
 
 
 
 
 
 







 
Capital Markets —
1.2%

 
  



 
CME Group, Inc.

 
 
4,775
  
 
$
550,796
  



 
Deutsche Boerse AG

 
 
11,870
  
 
 
952,384
  



 
GAM Holding AG

 
 
58,376
  
 
 
675,590
  



 
Moody’s Corp.

 
 
18,539
  
 
 
1,747,672
  



 
Morgan Stanley

 
 
65,092
  
 
 
2,750,137
  



 
S&P Global, Inc.

 
 
27,142
  
 
 
2,918,851
  



 
Schroders PLC

 
 
62,659
  
 
 
2,301,334
  



 
State Street Corp.

 
 
21,373
  
 
 
1,661,110
  



 
 
 
 
 
 
 
 
 





 
$
13,557,874
  



 
 
 
 
 
 
 
 
 







 
Chemicals —
2.8%

 
  



 
AdvanSix, Inc.(1)

 
 
1,261
  
 
$
27,919
  



 
Air Products and Chemicals, Inc.

 
 
32,423
  
 
 
4,663,076
  



 
Akzo Nobel NV

 
 
10,908
  
 
 
681,606
  



 
BASF SE

 
 
108,986
  
 
 
10,100,430
  



 
Daicel Corp.

 
 
51,000
  
 
 
560,696
  



 
Dow Chemical Co. (The)

 
 
14,120
  
 
 
807,946
  



 
Eastman Chemical Co.

 
 
22,750
  
 
 
1,711,028
  



 
Johnson Matthey PLC

 
 
77,449
  
 
 
3,030,365
  



 
Kaneka Corp.

 
 
57,000
  
 
 
463,634
  



 
Linde AG

 
 
16,210
  
 
 
2,659,049
  



 
Mitsubishi Gas Chemical Co., Inc.

 
 
27,500
  
 
 
468,584
  



 
Nitto Denko Corp.

 
 
39,400
  
 
 
3,016,506
  



 
Shin-Etsu Chemical Co., Ltd.

 
 
22,800
  
 
 
1,764,468
  



 
Solvay SA

 
 
5,637
  
 
 
659,002
  



 
Sumitomo Chemical Co., Ltd.

 
 
25,000
  
 
 
118,508
  



 
Toray Industries, Inc.

 
 
56,000
  
 
 
452,229
  



 
Tosoh Corp.

 
 
173,000
  
 
 
1,220,340
  



 
 
 
 
 
 
 
 
 





 
$
32,405,386
  



 
 
 
 
 
 
 
 
 







 
Commercial
Services & Supplies — 0.4%

 
  



 
SECOM Co., Ltd.

 
 
42,900
  
 
$
3,134,450
  



 
Waste Management, Inc.

 
 
23,366
  
 
 
1,656,883
  



 
 
 
 
 
 
 
 
 





 
$
4,791,333
  



 
 
 
 
 
 
 
 
 







 
Communications Equipment
— 1.0%

 
  



 
Cisco Systems, Inc.

 
 
357,128
  
 
$
10,792,408
  



 
Nokia Oyj

 
 
115,297
  
 
 
552,983
  



 
 
 
 
 
 
 
 
 





 
$
11,345,391
  



 
 
 
 
 
 
 
 
 























Security
 
Shares
 
 
Value
 





















 
Construction &
Engineering — 0.2%

 
  



 
Chiyoda Corp.

 
 
42,000
  
 
$
289,908
  



 
Ferrovial SA

 
 
81,605
  
 
 
1,455,364
  



 
Quanta Services, Inc.(1)

 
 
17,703
  
 
 
616,950
  



 
 
 
 
 
 
 
 
 





 
$
2,362,222
  



 
 
 
 
 
 
 
 
 







 
Construction Materials
— 0.3%

 
  



 
CRH PLC

 
 
62,332
  
 
$
2,149,989
  



 
Imerys SA

 
 
4,825
  
 
 
365,552
  



 
Vulcan Materials Co.

 
 
4,339
  
 
 
543,026
  



 
 
 
 
 
 
 
 
 





 
$
3,058,567
  



 
 
 
 
 
 
 
 
 







 
Consumer Finance —
0.3%

 
  



 
American Express Co.

 
 
42,280
  
 
$
3,132,103
  



 
Navient Corp.

 
 
50,603
  
 
 
831,407
  



 
 
 
 
 
 
 
 
 





 
$
3,963,510
  



 
 
 
 
 
 
 
 
 







 
Containers &
Packaging — 0.2%

 
  



 
International Paper Co.

 
 
16,999
  
 
$
901,967
  



 
Sealed Air Corp.

 
 
27,433
  
 
 
1,243,812
  



 
Toyo Seikan Kaisha, Ltd.

 
 
19,800
  
 
 
368,195
  



 
 
 
 
 
 
 
 
 





 
$
2,513,974
  



 
 
 
 
 
 
 
 
 







 
Distributors —
0.4%

 
  



 
Genuine Parts Co.

 
 
28,642
  
 
$
2,736,457
  



 
LKQ Corp.(1)

 
 
53,930
  
 
 
1,652,954
  



 
 
 
 
 
 
 
 
 





 
$
4,389,411
  



 
 
 
 
 
 
 
 
 







 
Diversified Financial
Services — 0.5%

 
  



 
Berkshire Hathaway, Inc., Class B(1)

 
 
16,883
  
 
$
2,751,591
  



 
Groupe Bruxelles Lambert SA

 
 
4,239
  
 
 
355,152
  



 
Investor AB, Class B

 
 
56,000
  
 
 
2,086,567
  



 
ORIX Corp.

 
 
41,300
  
 
 
642,804
  



 
 
 
 
 
 
 
 
 





 
$
5,836,114
  



 
 
 
 
 
 
 
 
 







 
Diversified
Telecommunication Services — 1.7%

 
  



 
AT&T, Inc.

 
 
99,124
  
 
$
4,215,744
  



 
BT Group PLC

 
 
454,642
  
 
 
2,052,390
  



 
Deutsche Telekom AG

 
 
220,347
  
 
 
3,780,538
  



 
Orange SA

 
 
103,522
  
 
 
1,569,804
  



 
Proximus SA

 
 
25,589
  
 
 
735,602
  



 
Telefonica SA

 
 
168,447
  
 
 
1,555,162
  



 
Verizon Communications, Inc.

 
 
105,653
  
 
 
5,639,757
  



 
 
 
 
 
 
 
 
 





 
$
19,548,997
  



 
 
 
 
 
 
 
 
 
 
 


 
 















 
8
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 





















Security
 
Shares
 
 
Value
 





















 
Electric Utilities —
0.7%

 
  



 
Acciona SA

 
 
8,786
  
 
$
645,356
  



 
Edison International

 
 
51,169
  
 
 
3,683,656
  



 
Iberdrola SA

 
 
615,464
  
 
 
4,029,987
  



 
 
 
 
 
 
 
 
 





 
$
8,358,999
  



 
 
 
 
 
 
 
 
 







 
Electrical Equipment —
0.9%

 
  



 
ABB, Ltd.

 
 
292,957
  
 
$
6,164,316
  



 
Fujikura, Ltd.

 
 
69,000
  
 
 
373,659
  



 
Legrand SA

 
 
47,726
  
 
 
2,707,743
  



 
Mabuchi Motor Co., Ltd.

 
 
10,000
  
 
 
519,641
  



 
 
 
 
 
 
 
 
 





 
$
9,765,359
  



 
 
 
 
 
 
 
 
 







 
Electronic Equipment,
Instruments & Components — 0.9%

 
  



 
Alps Electric Co., Ltd.

 
 
123,800
  
 
$
2,974,661
  



 
Corning, Inc.

 
 
19,975
  
 
 
484,793
  



 
Kyocera Corp.

 
 
48,300
  
 
 
2,394,738
  



 
OMRON Corp.

 
 
16,500
  
 
 
630,547
  



 
Taiyo Yuden Co., Ltd.

 
 
124,900
  
 
 
1,494,166
  



 
TDK Corp.

 
 
40,200
  
 
 
2,756,442
  



 
 
 
 
 
 
 
 
 





 
$
10,735,347
  



 
 
 
 
 
 
 
 
 







 
Energy Equipment &
Services — 0.3%

 
  



 
Halliburton Co.

 
 
50,055
  
 
$
2,707,475
  



 
Schlumberger, Ltd.

 
 
4,074
  
 
 
342,012
  



 
 
 
 
 
 
 
 
 





 
$
3,049,487
  



 
 
 
 
 
 
 
 
 







 
Equity Real Estate
Investment Trusts (REITs) — 1.0%

 
  



 
American Tower Corp.

 
 
17,793
  
 
$
1,880,364
  



 
AvalonBay Communities, Inc.

 
 
5,904
  
 
 
1,045,894
  



 
British Land Co. PLC (The)

 
 
324,390
  
 
 
2,517,429
  



 
Japan Real Estate Investment Corp.

 
 
74
  
 
 
404,136
  



 
Nippon Building Fund, Inc.

 
 
80
  
 
 
443,493
  



 
Simon Property Group, Inc.

 
 
26,522
  
 
 
4,712,164
  



 
 
 
 
 
 
 
 
 





 
$
11,003,480
  



 
 
 
 
 
 
 
 
 







 
Food & Staples
Retailing — 1.2%

 
  



 
Carrefour SA

 
 
120,998
  
 
$
2,913,144
  



 
CVS Health Corp.

 
 
71,786
  
 
 
5,664,633
  



 
FamilyMart UNY Holdings Co., Ltd.

 
 
8,600
  
 
 
572,244
  



 
Kroger Co. (The)

 
 
20,000
  
 
 
690,200
  



 
Seven & i Holdings Co., Ltd.

 
 
44,200
  
 
 
1,680,889
  



 
Wal-Mart Stores, Inc.

 
 
33,122
  
 
 
2,289,393
  



 
 
 
 
 
 
 
 
 





 
$
13,810,503
  



 
 
 
 
 
 
 
 
 























Security
 
Shares
 
 
Value
 





















 
Food Products —
3.3%

 
  



 
Campbell Soup Co.

 
 
14,087
  
 
$
851,841
  



 
Kraft Heinz Co. (The)

 
 
26,742
  
 
 
2,335,111
  



 
Mondelez International, Inc., Class A

 
 
224,275
  
 
 
9,942,111
  



 
Nestle SA

 
 
317,170
  
 
 
22,721,287
  



 
Nissin Foods Holdings Co., Ltd.

 
 
11,700
  
 
 
613,708
  



 
Toyo Suisan Kaisha, Ltd.

 
 
6,000
  
 
 
217,076
  



 
Yakult Honsha Co., Ltd.

 
 
15,300
  
 
 
707,875
  



 
 
 
 
 
 
 
 
 





 
$
37,389,009
  



 
 
 
 
 
 
 
 
 







 
Gas Utilities — 0.0%(2)

 
  



 
Italgas SpA(1)

 
 
35,014
  
 
$
137,773
  



 
 
 
 
 
 
 
 
 





 
$
137,773
  



 
 
 
 
 
 
 
 
 







 
Health Care
Equipment & Supplies — 0.8%

 
  



 
Abbott Laboratories

 
 
113,910
  
 
$
4,375,283
  



 
Analogic Corp.

 
 
10,189
  
 
 
845,178
  



 
Hologic, Inc.(1)

 
 
17,554
  
 
 
704,266
  



 
Olympus Corp.

 
 
6,900
  
 
 
237,738
  



 
Smith & Nephew PLC

 
 
50,000
  
 
 
750,461
  



 
Terumo Corp.

 
 
60,500
  
 
 
2,230,350
  



 
 
 
 
 
 
 
 
 





 
$
9,143,276
  



 
 
 
 
 
 
 
 
 







 
Health Care
Providers & Services — 0.8%

 
  



 
DaVita, Inc.(1)

 
 
12,963
  
 
$
832,225
  



 
Fresenius SE & Co. KGaA

 
 
8,764
  
 
 
683,687
  



 
McKesson Corp.

 
 
16,774
  
 
 
2,355,908
  



 
UnitedHealth Group, Inc.

 
 
34,811
  
 
 
5,571,152
  



 
 
 
 
 
 
 
 
 





 
$
9,442,972
  



 
 
 
 
 
 
 
 
 







 
Hotels,
Restaurants & Leisure — 0.9%

 
  



 
Accor SA

 
 
26,214
  
 
$
976,541
  



 
McDonald’s Corp.

 
 
25,986
  
 
 
3,163,016
  



 
Six Flags Entertainment Corp.

 
 
32,001
  
 
 
1,918,780
  



 
Yum! Brands, Inc.

 
 
58,297
  
 
 
3,691,949
  



 
 
 
 
 
 
 
 
 





 
$
9,750,286
  



 
 
 
 
 
 
 
 
 







 
Household Durables —
0.4%

 
  



 
Barratt Developments PLC

 
 
337,253
  
 
$
1,917,321
  



 
Casio Computer Co., Ltd.

 
 
63,200
  
 
 
890,685
  



 
PulteGroup, Inc.

 
 
70,920
  
 
 
1,303,509
  



 
Sekisui Chemical Co., Ltd.

 
 
61,000
  
 
 
971,031
  



 
 
 
 
 
 
 
 
 





 
$
5,082,546
  



 
 
 
 
 
 
 
 
 
 
 


 
 















 
9
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 





















Security
 
Shares
 
 
Value
 





















 
Household Products —
1.0%

 
  



 
Clorox Co. (The)

 
 
18,837
  
 
$
2,260,817
  



 
Colgate-Palmolive Co.

 
 
7,994
  
 
 
523,127
  



 
Henkel AG & Co. KGaA, PFC Shares

 
 
18,309
  
 
 
2,179,500
  



 
Kimberly-Clark Corp.

 
 
21,147
  
 
 
2,413,296
  



 
Procter & Gamble Co. (The)

 
 
17,496
  
 
 
1,471,064
  



 
Reckitt Benckiser Group PLC

 
 
20,566
  
 
 
1,742,103
  



 
Unicharm Corp.

 
 
37,200
  
 
 
812,457
  



 
 
 
 
 
 
 
 
 





 
$
11,402,364
  



 
 
 
 
 
 
 
 
 







 
Industrial Conglomerates
— 2.3%

 
  



 
3M Co.

 
 
27,304
  
 
$
4,875,675
  



 
General Electric Co.

 
 
73,726
  
 
 
2,329,742
  



 
Honeywell International, Inc.

 
 
31,549
  
 
 
3,654,952
  



 
Nisshinbo Holdings, Inc.

 
 
109,000
  
 
 
1,049,545
  



 
Siemens AG

 
 
113,166
  
 
 
13,856,038
  



 
 
 
 
 
 
 
 
 





 
$
25,765,952
  



 
 
 
 
 
 
 
 
 







 
Insurance —
4.7%

 
  



 
Ageas

 
 
22,500
  
 
$
889,353
  



 
Allianz SE

 
 
69,106
  
 
 
11,405,108
  



 
Allstate Corp. (The)

 
 
16,927
  
 
 
1,254,629
  



 
Chubb, Ltd.

 
 
23,988
  
 
 
3,169,295
  



 
Cincinnati Financial Corp.

 
 
42,936
  
 
 
3,252,402
  



 
Hartford Financial Services Group, Inc.

 
 
48,969
  
 
 
2,333,373
  



 
Lincoln National Corp.

 
 
22,183
  
 
 
1,470,067
  



 
Marsh & McLennan Cos., Inc.

 
 
65,718
  
 
 
4,441,880
  



 
MetLife, Inc.

 
 
57,093
  
 
 
3,076,742
  



 
MS&AD Insurance Group Holdings, Inc.

 
 
37,200
  
 
 
1,151,993
  



 
Principal Financial Group, Inc.

 
 
36,247
  
 
 
2,097,251
  



 
Prudential Financial, Inc.

 
 
27,177
  
 
 
2,828,039
  



 
Prudential PLC

 
 
349,752
  
 
 
6,980,162
  



 
SCOR SE

 
 
63,370
  
 
 
2,186,946
  



 
St. James’s Place PLC

 
 
209,534
  
 
 
2,613,680
  



 
Standard Life PLC

 
 
392,564
  
 
 
1,797,625
  



 
Swiss Life Holding AG

 
 
8,264
  
 
 
2,334,404
  



 
 
 
 
 
 
 
 
 





 
$
53,282,949
  



 
 
 
 
 
 
 
 
 







 
Internet & Direct
Marketing Retail — 3.1%

 
  



 
Amazon.com, Inc.(1)

 
 
36,175
  
 
$
27,126,547
  



 
Netflix, Inc.(1)

 
 
21,000
  
 
 
2,599,800
  



 
Priceline Group, Inc. (The)(1)

 
 
3,947
  
 
 
5,786,539
  



 
 
 
 
 
 
 
 
 





 
$
35,512,886
  



 
 
 
 
 
 
 
 
 























Security
 
Shares
 
 
Value
 





















 
Internet
Software & Services — 5.0%

 
  



 
Alphabet, Inc., Class A(1)

 
 
24,823
  
 
$
19,670,987
  



 
Alphabet, Inc., Class C(1)

 
 
22,637
  
 
 
17,471,689
  



 
Facebook, Inc., Class A(1)

 
 
163,423
  
 
 
18,801,816
  



 
United Internet AG

 
 
32,975
  
 
 
1,286,765
  



 
 
 
 
 
 
 
 
 





 
$
57,231,257
  



 
 
 
 
 
 
 
 
 







 
IT Services —
2.3%

 
  



 
Amadeus IT Group SA

 
 
24,489
  
 
$
1,110,677
  



 
Atos SE

 
 
5,628
  
 
 
593,177
  



 
Capgemini SA

 
 
34,597
  
 
 
2,914,767
  



 
Cognizant Technology Solutions Corp.,
Class A(1)

 
 
79,444
  
 
 
4,451,247
  



 
Fidelity National Information Services, Inc.

 
 
51,873
  
 
 
3,923,674
  



 
Indra Sistemas SA(1)

 
 
100,870
  
 
 
1,103,258
  



 
International Business Machines Corp.

 
 
10,407
  
 
 
1,727,458
  



 
MasterCard, Inc., Class A

 
 
32,320
  
 
 
3,337,040
  



 
Nomura Research Institute, Ltd.

 
 
8,140
  
 
 
247,388
  



 
NTT Data Corp.

 
 
21,300
  
 
 
1,029,037
  



 
Obic Co., Ltd.

 
 
7,300
  
 
 
318,396
  



 
Otsuka Corp.

 
 
7,800
  
 
 
363,825
  



 
PayPal Holdings, Inc.(1)

 
 
52,937
  
 
 
2,089,423
  



 
Visa, Inc., Class A

 
 
9,000
  
 
 
702,180
  



 
Worldpay Group PLC(3)

 
 
662,238
  
 
 
2,198,690
  



 
 
 
 
 
 
 
 
 





 
$
26,110,237
  



 
 
 
 
 
 
 
 
 







 
Leisure Products —
0.1%

 
  



 
Hasbro, Inc.

 
 
21,651
  
 
$
1,684,231
  



 
 
 
 
 
 
 
 
 





 
$
1,684,231
  



 
 
 
 
 
 
 
 
 







 
Life Sciences
Tools & Services — 0.4%

 
  



 
Agilent Technologies, Inc.

 
 
13,037
  
 
$
593,965
  



 
PerkinElmer, Inc.

 
 
27,425
  
 
 
1,430,214
  



 
Thermo Fisher Scientific, Inc.

 
 
17,359
  
 
 
2,449,355
  



 
 
 
 
 
 
 
 
 





 
$
4,473,534
  



 
 
 
 
 
 
 
 
 







 
Machinery —
1.6%

 
  



 
Dover Corp.

 
 
7,424
  
 
$
556,280
  



 
Ebara Corp.

 
 
55,600
  
 
 
1,580,457
  



 
FANUC Corp.

 
 
48,127
  
 
 
8,051,377
  



 
IHI Corp.(1)

 
 
213,000
  
 
 
551,648
  



 
Kawasaki Heavy Industries, Ltd.

 
 
31,000
  
 
 
97,035
  



 
Komatsu, Ltd.

 
 
34,000
  
 
 
770,105
  



 
Makita Corp.

 
 
6,700
  
 
 
447,686
  



 
MAN SE

 
 
7,139
  
 
 
708,591
  



 
NSK, Ltd.

 
 
6,000
  
 
 
69,297
  
 
 


 
 















 
10
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 





















Security
 
Shares
 
 
Value
 





















 
Machinery
(continued)

 
  



 
Parker-Hannifin Corp.

 
 
7,147
  
 

$

1,000,580
  



 
SMC Corp.

 
 
1,900
  
 
 
452,056
  



 
Snap-on, Inc.

 
 
6,143
  
 
 
1,052,112
  



 
Stanley Black & Decker, Inc.

 
 
24,657
  
 
 
2,827,911
  



 
 
 
 
 
 
 
 
 





 
$
18,165,135
  



 
 
 
 
 
 
 
 
 







 
Media —
3.6%

 
  



 
Charter Communications, Inc.(1)

 
 
10,343
  
 
$
2,977,957
  



 
Comcast Corp., Class A

 
 
238,157
  
 
 
16,444,741
  



 
Dentsu, Inc.

 
 
26,600
  
 
 
1,250,820
  



 
Hakuhodo DY Holdings, Inc.

 
 
20,900
  
 
 
257,345
  



 
Interpublic Group of Cos., Inc.

 
 
40,333
  
 
 
944,195
  



 
Omnicom Group, Inc.

 
 
18,166
  
 
 
1,546,108
  



 
ProSiebenSat.1 Media SE

 
 
27,382
  
 
 
1,053,987
  



 
Sky PLC

 
 
447,757
  
 
 
5,458,573
  



 
Time Warner, Inc.

 
 
10,926
  
 
 
1,054,687
  



 
Vivendi SA

 
 
177,414
  
 
 
3,364,995
  



 
Walt Disney Co. (The)

 
 
58,917
  
 
 
6,140,330
  



 
 
 
 
 
 
 
 
 





 
$
40,493,738
  



 
 
 
 
 
 
 
 
 







 
Metals & Mining
— 1.2%

 
  



 
Glencore PLC(1)

 
 
1,472,251
  
 
$
4,974,564
  



 
Mitsubishi Materials Corp.

 
 
8,000
  
 
 
244,697
  



 
Nippon Light Metal Holdings Co., Ltd.

 
 
200,000
  
 
 
421,076
  



 
Nisshin Steel Co., Ltd.

 
 
38,900
  
 
 
477,778
  



 
Nucor Corp.

 
 
23,673
  
 
 
1,409,017
  



 
Rio Tinto PLC

 
 
157,688
  
 
 
6,020,209
  



 
 
 
 
 
 
 
 
 





 
$
13,547,341
  



 
 
 
 
 
 
 
 
 







 
Multi-Utilities —
1.1%

 
  



 
CMS Energy Corp.

 
 
126,690
  
 
$
5,272,838
  



 
Consolidated Edison, Inc.

 
 
13,824
  
 
 
1,018,552
  



 
Dominion Resources, Inc.

 
 
27,793
  
 
 
2,128,666
  



 
National Grid PLC

 
 
241,659
  
 
 
2,823,480
  



 
NiSource, Inc.

 
 
42,420
  
 
 
939,179
  



 
Veolia Environnement SA

 
 
37,663
  
 
 
639,964
  



 
 
 
 
 
 
 
 
 





 
$
12,822,679
  



 
 
 
 
 
 
 
 
 







 
Multiline Retail —
0.7%

 
  



 
Isetan Mitsukoshi Holdings, Ltd.

 
 
71,332
  
 
$
768,077
  



 
Marks & Spencer Group PLC

 
 
398,770
  
 
 
1,717,775
  



 
Next PLC

 
 
41,584
  
 
 
2,550,997
  



 
Nordstrom, Inc.

 
 
12,439
  
 
 
596,201
  



 
Target Corp.

 
 
34,031
  
 
 
2,458,059
  



 
 
 
 
 
 
 
 
 





 
$
8,091,109
  



 
 
 
 
 
 
 
 
 























Security
 
Shares
 
 
Value
 





















 
Oil, Gas &
Consumable Fuels — 5.0%

 
  



 
Anadarko Petroleum Corp.

 
 
15,000
  
 
$
1,045,950
  



 
BP PLC

 
 
1,410,604
  
 
 
8,835,215
  



 
Chevron Corp.

 
 
72,650
  
 
 
8,550,905
  



 
ENI SpA

 
 
351,386
  
 
 
5,696,344
  



 
EOG Resources, Inc.

 
 
5,000
  
 
 
505,500
  



 
Exxon Mobil Corp.

 
 
65,795
  
 
 
5,938,657
  



 
Idemitsu Kosan Co., Ltd.

 
 
10,000
  
 
 
265,253
  



 
Marathon Petroleum Corp.

 
 
27,916
  
 
 
1,405,571
  



 
Newfield Exploration Co.(1)

 
 
11,510
  
 
 
466,155
  



 
Phillips 66

 
 
36,105
  
 
 
3,119,833
  



 
Pioneer Natural Resources Co.

 
 
4,000
  
 
 
720,280
  



 
Royal Dutch Shell PLC, Class A

 
 
189,507
  
 
 
5,231,059
  



 
Royal Dutch Shell PLC, Class B

 
 
142,044
  
 
 
4,081,194
  



 
Snam SpA

 
 
175,073
  
 
 
720,049
  



 
Total SA

 
 
198,408
  
 
 
10,176,763
  



 
 
 
 
 
 
 
 
 





 
$
56,758,728
  



 
 
 
 
 
 
 
 
 







 
Paper & Forest
Products — 0.0%(2)

 
  



 
OJI Paper Co., Ltd.

 
 
41,000
  
 
$
166,731
  



 
 
 
 
 
 
 
 
 





 
$
166,731
  



 
 
 
 
 
 
 
 
 







 
Personal Products —
1.2%

 
  



 
Estee Lauder Cos., Inc. (The), Class A

 
 
25,480
  
 
$
1,948,965
  



 
Kao Corp.

 
 
61,054
  
 
 
2,889,982
  



 
Unilever NV

 
 
193,140
  
 
 
7,933,962
  



 
Unilever PLC

 
 
15,759
  
 
 
637,292
  



 
 
 
 
 
 
 
 
 





 
$
13,410,201
  



 
 
 
 
 
 
 
 
 







 
Pharmaceuticals —
7.5%

 
  



 
Allergan PLC(1)

 
 
11,024
  
 
$
2,315,150
  



 
Astellas Pharma, Inc.

 
 
269,300
  
 
 
3,736,093
  



 
AstraZeneca PLC

 
 
117,424
  
 
 
6,412,258
  



 
Bayer AG

 
 
43,122
  
 
 
4,492,598
  



 
Chugai Pharmaceutical Co., Ltd.

 
 
99,100
  
 
 
2,842,588
  



 
Eisai Co., Ltd.

 
 
23,146
  
 
 
1,326,436
  



 
Eli Lilly & Co.

 
 
17,949
  
 
 
1,320,149
  



 
GlaxoSmithKline PLC

 
 
55,889
  
 
 
1,073,543
  



 
Hisamitsu Pharmaceutical Co., Inc.

 
 
3,300
  
 
 
164,825
  



 
Indivior PLC

 
 
25,431
  
 
 
92,661
  



 
Johnson & Johnson

 
 
60,088
  
 
 
6,922,739
  



 
Mallinckrodt PLC(1)

 
 
6,475
  
 
 
322,585
  



 
Merck & Co., Inc.

 
 
103,665
  
 
 
6,102,759
  



 
Mitsubishi Tanabe Pharma Corp.

 
 
10,000
  
 
 
195,799
  



 
Novartis AG

 
 
218,832
  
 
 
15,914,216
  



 
Pfizer, Inc.

 
 
104,651
  
 
 
3,399,064
  
 
 


 
 















 
11
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 





















Security
 
Shares
 
 
Value
 





















 
Pharmaceuticals
(continued)

 
  



 
Roche Holding AG PC

 
 
75,965
  
 

$

17,316,417
  



 
Sanofi

 
 
124,447
  
 
 
10,063,431
  



 
Takeda Pharmaceutical Co., Ltd.

 
 
14,631
  
 
 
606,982
  



 
UCB SA

 
 
9,177
  
 
 
587,153
  



 
 
 
 
 
 
 
 
 





 
$
85,207,446
  



 
 
 
 
 
 
 
 
 







 
Professional Services
— 0.5%

 
  



 
Equifax, Inc.

 
 
15,217
  
 
$
1,799,106
  



 
Experian PLC

 
 
85,608
  
 
 
1,657,510
  



 
Intertek Group PLC

 
 
7,167
  
 
 
307,163
  



 
Robert Half International, Inc.

 
 
30,884
  
 
 
1,506,521
  



 
Wolters Kluwer NV

 
 
961
  
 
 
34,759
  



 
 
 
 
 
 
 
 
 





 
$
5,305,059
  



 
 
 
 
 
 
 
 
 







 
Real Estate
Management & Development — 0.4%

 
  



 
Capital & Counties Properties PLC

 
 
189,600
  
 
$
694,196
  



 
CBRE Group, Inc., Class A(1)

 
 
41,385
  
 
 
1,303,214
  



 
Daito Trust Construction Co., Ltd.

 
 
6,300
  
 
 
947,128
  



 
Heiwa Real Estate Co., Ltd.

 
 
40,500
  
 
 
551,083
  



 
NTT Urban Development Corp.

 
 
17,300
  
 
 
152,517
  



 
Sumitomo Realty & Development Co., Ltd.

 
 
24,000
  
 
 
637,136
  



 
 
 
 
 
 
 
 
 





 
$
4,285,274
  



 
 
 
 
 
 
 
 
 







 
Road & Rail —
0.7%

 
  



 
Central Japan Railway Co.

 
 
5,500
  
 
$
903,042
  



 
CSX Corp.

 
 
115,014
  
 
 
4,132,453
  



 
East Japan Railway Co.

 
 
6,400
  
 
 
551,800
  



 
Kansas City Southern

 
 
15,468
  
 
 
1,312,460
  



 
Keio Corp.

 
 
76,000
  
 
 
624,278
  



 
 
 
 
 
 
 
 
 





 
$
7,524,033
  



 
 
 
 
 
 
 
 
 







 
Semiconductors &
Semiconductor Equipment — 3.9%

 
  



 
Intel Corp.

 
 
339,510
  
 
$
12,314,028
  



 
Marvell Technology Group, Ltd.

 
 
84,177
  
 
 
1,167,535
  



 
Microchip Technology, Inc.

 
 
10,000
  
 
 
641,500
  



 
NXP Semiconductors NV(1)

 
 
54,841
  
 
 
5,374,966
  



 
QUALCOMM, Inc.

 
 
127,269
  
 
 
8,297,939
  



 
Texas Instruments, Inc.

 
 
145,069
  
 
 
10,585,685
  



 
Tokyo Electron, Ltd.

 
 
62,400
  
 
 
5,868,679
  



 
Versum Materials, Inc.(1)

 
 
16,211
  
 
 
455,043
  



 
 
 
 
 
 
 
 
 





 
$
44,705,375
  



 
 
 
 
 
 
 
 
 







 
Software —
4.4%

 
  



 
Citrix Systems, Inc.(1)

 
 
34,110
  
 
$
3,046,364
  



 
Electronic Arts, Inc.(1)

 
 
53,174
  
 
 
4,187,984
  























Security
 
Shares
 
 
Value
 





















 
Software
(continued)

 
  



 
Konami Holdings Corp.

 
 
5,500
  
 

$

221,971
  



 
Microsoft Corp.

 
 
591,593
  
 
 
36,761,589
  



 
Oracle Corp.

 
 
156,176
  
 
 
6,004,967
  



 
Trend Micro, Inc.

 
 
14,097
  
 
 
500,355
  



 
 
 
 
 
 
 
 
 





 
$
50,723,230
  



 
 
 
 
 
 
 
 
 







 
Specialty Retail —
2.1%

 
  



 
CarMax, Inc.(1)

 
 
5,464
  
 
$
351,827
  



 
Fast Retailing Co., Ltd.

 
 
35,400
  
 
 
12,638,752
  



 
Groupe FNAC SA(1)

 
 
922
  
 
 
62,290
  



 
Home Depot, Inc. (The)

 
 
42,734
  
 
 
5,729,775
  



 
Lowe’s Cos., Inc.

 
 
50,810
  
 
 
3,613,607
  



 
Tiffany & Co.

 
 
19,173
  
 
 
1,484,565
  



 
USS Co., Ltd.

 
 
27,200
  
 
 
432,093
  



 
 
 
 
 
 
 
 
 





 
$
24,312,909
  



 
 
 
 
 
 
 
 
 







 
Technology Hardware,
Storage & Peripherals — 4.3%

 
  



 
Apple, Inc.

 
 
392,441
  
 
$
45,452,517
  



 
Brother Industries, Ltd.

 
 
18,000
  
 
 
323,593
  



 
Canon, Inc.

 
 
19,100
  
 
 
537,898
  



 
Hewlett Packard Enterprise Co.

 
 
78,955
  
 
 
1,827,019
  



 
HP, Inc.

 
 
58,955
  
 
 
874,892
  



 
 
 
 
 
 
 
 
 





 
$
49,015,919
  



 
 
 
 
 
 
 
 
 







 
Textiles,
Apparel & Luxury Goods — 1.6%

 
  



 
Adidas AG

 
 
11,824
  
 
$
1,864,860
  



 
Asics Corp.

 
 
20,000
  
 
 
398,558
  



 
Christian Dior SE

 
 
10,660
  
 
 
2,233,395
  



 
Hanesbrands, Inc.

 
 
32,716
  
 
 
705,684
  



 
Kering SA

 
 
7,380
  
 
 
1,655,360
  



 
LVMH Moet Hennessy Louis Vuitton SE

 
 
36,778
  
 
 
7,012,521
  



 
NIKE, Inc., Class B

 
 
83,464
  
 
 
4,242,475
  



 
Onward Holdings Co., Ltd.

 
 
30,000
  
 
 
209,914
  



 
 
 
 
 
 
 
 
 





 
$
18,322,767
  



 
 
 
 
 
 
 
 
 







 
Tobacco —
2.5%

 
  



 
British American Tobacco PLC

 
 
243,393
  
 
$
13,794,387
  



 
Imperial Brands PLC

 
 
143,738
  
 
 
6,264,179
  



 
Japan Tobacco, Inc.

 
 
76,500
  
 
 
2,511,008
  



 
Philip Morris International, Inc.

 
 
64,219
  
 
 
5,875,396
  



 
 
 
 
 
 
 
 
 





 
$
28,444,970
  



 
 
 
 
 
 
 
 
 







 
Trading
Companies & Distributors — 0.4%

 
  



 
Marubeni Corp.

 
 
20,000
  
 
$
113,121
  



 
Mitsubishi Corp.

 
 
37,000
  
 
 
785,830
  
 
 


 
 















 
12
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 





















Security
 
Shares
 
 
Value
 





















 
Trading
Companies & Distributors (continued)

 
 



 
Sumitomo Corp.

 
 
96,700
 
 

$

1,135,201
 



 
Wolseley PLC

 
 
47,906
 
 
 
2,924,476
 



 
 
 
 
 
 
 
 
 





 
$
4,958,628
 



 
 
 
 
 
 
 
 
 







 
Transportation
Infrastructure — 0.1%

 
 



 
ADP

 
 
6,667
 
 
$
713,948
 



 
Kamigumi Co., Ltd.

 
 
46,000
 
 
 
438,119
 



 
 
 
 
 
 
 
 
 





 
$
1,152,067
 



 
 
 
 
 
 
 
 
 







 
Wireless Telecommunication
Services — 1.4%

 
 



 
KDDI Corp.

 
 
164,300
 
 
$
4,149,063
 



 
SoftBank Group Corp.

 
 
117,598
 
 
 
7,781,931
 



 
Vodafone Group PLC

 
 
1,864,521
 
 
 
4,588,357
 



 
 
 
 
 
 
 
 
 





 
$
16,519,351
 



 
 
 
 
 
 
 
 
 








 
Total Common Stocks — 100.4%
(identified cost
$568,401,342)

 
 

 
$
1,144,363,756
 



 
 
 
 
 
 
 
 
 



































Call Options Written — (0.9)%
 







Exchange-Traded Options — (0.3)%
 












 



 



 



 






Description
 
 
Number of


Contracts

 
 
 
Strike


Price

 
 
 
Expiration


Date

 
 
Value
 























 
NASDAQ 100 Index

 
 
125
 
 
$
4,900
 
 
 
1/6/17
 
 
$
(206,875
) 



 
NASDAQ 100 Index

 
 
120
 
 
 
4,975
 
 
 
1/13/17
 
 
 
(130,200
) 



 
NASDAQ 100 Index

 
 
120
 
 
 
4,975
 
 
 
1/20/17
 
 
 
(235,200
) 



 
NASDAQ 100 Index

 
 
120
 
 
 
4,925
 
 
 
1/27/17
 
 
 
(703,116
) 



 
S&P 500 Index

 
 
130
 
 
 
2,215
 
 
 
1/3/17
 
 
 
(352,300
) 



 
S&P 500 Index

 
 
135
 
 
 
2,220
 
 
 
1/4/17
 
 
 
(320,625
) 



 
S&P 500 Index

 
 
130
 
 
 
2,260
 
 
 
1/6/17
 
 
 
(51,350
) 



 
S&P 500 Index

 
 
130
 
 
 
2,270
 
 
 
1/9/17
 
 
 
(38,350
) 



 
S&P 500 Index

 
 
135
 
 
 
2,280
 
 
 
1/11/17
 
 
 
(35,437
) 



 
S&P 500 Index

 
 
135
 
 
 
2,280
 
 
 
1/13/17
 
 
 
(51,975
) 



 
S&P 500 Index

 
 
135
 
 
 
2,275
 
 
 
1/17/17
 
 
 
(84,375
) 



 
S&P 500 Index

 
 
130
 
 
 
2,280
 
 
 
1/18/17
 
 
 
(74,100
) 



 
S&P 500 Index

 
 
130
 
 
 
2,270
 
 
 
1/20/17
 
 
 
(129,350
) 



 
S&P 500 Index

 
 
130
 
 
 
2,275
 
 
 
1/23/17
 
 
 
(120,900
) 



 
S&P 500 Index

 
 
125
 
 
 
2,280
 
 
 
1/25/17
 
 
 
(112,500
) 



 
S&P 500 Index

 
 
140
 
 
 
2,265
 
 
 
1/27/17
 
 
 
(248,541
) 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
$
(2,895,194
) 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


































Over-the-Counter Options — (0.6)%
 













 



 



 



 



 






Description
 
Counterparty
 
 


Number of


Contracts

 
 
Strike
Price		
 
 
 
Expiration


Date

 
 
Value
 



 
Dow Jones Euro Stoxx 50 Index 

 
 
Barclays Bank PLC
 
 
 
14,900
 
 
EUR
3,200
 
 
 
1/6/17
 
 
$
(1,486,739
) 



 
Dow Jones Euro Stoxx 50
Index 

 
 
Société Générale
 
 
 
14,700
 
 
EUR
3,300
 
 
 
1/13/17
 
 
 
(556,301
) 



 
Dow Jones Euro Stoxx 50
Index 

 
 

Credit Suisse
International		
 
 		
 
 
14,300
 
 
EUR
3,300
 
 
 
1/20/17
 
 
 
(654,359
) 



 
Dow Jones Euro Stoxx 50
Index 

 
 
Société Générale
 
 
 
13,750
 
 
EUR
3,300
 
 
 
1/27/17
 
 
 
(723,243
) 



 
FTSE 100 Index


 
 
Barclays Bank PLC
 
 
 
7,200
 
 
GBP
7,075
 
 
 
1/20/17
 
 
 
(1,021,463
) 





FTSE 100 Index 


 
 
Deutsche Bank AG
 
 
 
7,600
 
 
GBP
7,025
 
 
 
1/20/17
 
 
 
(1,412,452
) 





Nikkei 225 Index 


 
 
Deutsche Bank AG
 
 
 
175,000
 
 
JPY
19,250
 
 
 
1/6/17
 
 
 
(158,374
) 



 
Nikkei 225 Index


 
 


Morgan Stanley &
Co. International
PLC		
 
 
 		
 
 
170,000
 
 
JPY
  19,625
 
 
 
1/13/17
 
 
 
(101,868
) 



 
Nikkei 225 Index


 
 
UBS AG
 
 
 
170,000
 
 
JPY
19,625
 
 
 
1/20/17
 
 
 
(172,039
) 



 
Nikkei 225 Index


 
 
UBS AG
 
 
 
165,000
 
 
JPY
19,250
 
 
 
1/27/17
 
 
 
(373,973
) 



 
SMI Index


 
 
Citibank, N.A.
 
 
 
3,100
 
 
CHF
8,200
 
 
 
1/20/17
 
 
 
(355,523
) 



 
SMI Index


 
 

Credit Suisse
International		
 
 		
 
 
3,000
 
 
CHF
8,300
 
 
 
1/20/17
 
 
 
(198,607
) 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 



 



 



 



 
$
(7,214,941
) 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 









 
Total Call Options Written
(premiums
received $11,251,134)

 
 

 



 
$
(10,110,135
) 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










 
Other Assets, Less Liabilities —
0.5%

 
 

 



 



 
$
5,323,739
 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










 
Net Assets — 100.0%

 
 

 



 



 
$
1,139,577,360
 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. 


 





(1) 
Non-income producing security. 
 
 





(2) 
Amount is less than 0.05%. 
 
 





(3) 
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to
qualified institutional buyers). At December 31, 2016, the aggregate value of these securities is $2,198,690 or 0.2% of the Fund’s net assets.

 


 
 















 
13
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Portfolio of Investments — continued 


 


 






















Country Concentration of Portfolio
  










 



 






Country
 
 
Percentage of


Total Investments

 
 
Value
 



 
United States

 
 
54.0
% 
 
$
618,525,366
  



 
Japan

 
 
11.0
  
 
 
125,643,863
  



 
United Kingdom

 
 
10.8
  
 
 
123,866,168
  



 
France

 
 
6.9
  
 
 
78,433,513
  



 
Germany

 
 
5.9
  
 
 
67,432,954
  



 
Switzerland

 
 
5.7
  
 
 
65,126,230
  



 
Netherlands

 
 
2.0
  
 
 
22,328,100
  



 
Spain

 
 
1.6
  
 
 
18,165,862
  



 
Italy

 
 
1.0
  
 
 
11,852,112
  



 
Belgium

 
 
0.5
  
 
 
5,843,706
  



 
Denmark

 
 
0.2
  
 
 
2,356,343
  



 
Ireland

 
 
0.2
  
 
 
2,149,989
  



 
Sweden

 
 
0.2
  
 
 
2,086,567
  



 
Finland

 
 
0.0
(1) 
 
 
552,983
  



 
 
 
 
 
 
 
 
 



 
Total Investments

 
 
100.0
% 
 
$
1,144,363,756
  



 
 
 
 
 
 
 
 
 


 
 





(1) 
Amount is less than 0.05%. 
 
 

















Abbreviations:









PC
 
–
 
Participation Certificate



PFC Shares
 
–
 
Preference Shares










 

 




Currency Abbreviations:









CHF
 
–
 
Swiss Franc



EUR
 
–
 
Euro



GBP
 
–
 
British Pound Sterling



JPY
 
–
 
Japanese Yen




 



 


 
 















 
14
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Statement of Assets and Liabilities 


 
 
 















Assets
 
December 31, 2016
 





 
Investments, at value (identified cost, $568,401,342)

 
$
1,144,363,756
  



 
Cash

 
 
3,222,046
  



 
Foreign currency, at value (identified cost, $711,829)

 
 
714,420
  



 
Dividends receivable

 
 
1,319,219
  



 
Receivable for investments sold

 
 
2,259,873
  



 
Receivable for premiums on written options

 
 
2,048,872
  



 
Tax reclaims receivable

 
 
2,707,632
  



 
Total assets

 
$
1,156,635,818
  







Liabilities
  



 
Written options outstanding, at value (premiums received, $11,251,134)

 
$
10,110,135
  



 
Payable for closed written options

 
 
5,605,486
  



 
Payable to affiliates:

 






 
Investment adviser fee

 
 
974,294
  



 
Trustees’ fees

 
 
15,145
  



 
Accrued expenses

 
 
353,398
  



 
Total liabilities

 
$
17,058,458
  



 
Net Assets

 
$
1,139,577,360
  







Sources of Net Assets
  



 
Common shares, $0.01 par value, unlimited number of shares authorized, 106,442,735 shares issued and
outstanding

 
$
1,064,427
  



 
Additional paid-in capital

 
 
591,976,745
  



 
Accumulated net realized loss

 
 
(27,047,539
) 



 
Accumulated distributions in excess of net investment income

 
 
(3,293,357
) 



 
Net unrealized appreciation

 
 
576,877,084
  



 
 
 
 
 



 
Net Assets

 
$
1,139,577,360
  







Net Asset Value
  



 
($1,139,577,360 ÷ 106,442,735 common shares issued and
outstanding)

 
$
10.71
  



 
 















 
15
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Statement of Operations 


 
 
 















Investment Income
 
 
Year Ended


December 31, 2016

 





 
Dividends (net of foreign taxes, $1,708,652)

 
$
30,227,763
  



 
Total investment income

 
$
30,227,763
  







Expenses
  



 
Investment adviser fee

 
$
11,662,088
  



 
Trustees’ fees and expenses

 
 
61,682
  



 
Custodian fee

 
 
378,805
  



 
Transfer and dividend disbursing agent fees

 
 
18,627
  



 
Legal and accounting services

 
 
102,673
  



 
Printing and postage

 
 
420,044
  



 
Miscellaneous

 
 
194,796
  



 
Total expenses

 
$
12,838,715
  








 
Net investment income

 
$
17,389,048
  







Realized and Unrealized Gain (Loss)
  



 
Net realized gain (loss) —

 
  



 
Investment transactions

 
$
34,277,482
  



 
Written options

 
 
(18,139,261
) 



 
Foreign currency transactions

 
 
(482,141
) 



 
Net realized gain

 
$
15,656,080
  



 
Change in unrealized appreciation (depreciation) —

 
  



 
Investments

 
$
1,487,927
  



 
Written options

 
 
(1,080,154
) 



 
Foreign currency

 
 
(38,324
) 



 
Net change in unrealized appreciation (depreciation)

 
$
369,449
  








 
Net realized and unrealized gain

 
$
16,025,529
  








 
Net increase in net assets from operations

 
$
33,414,577
  



 
 















 
16
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Statements of Changes in Net Assets 


 
 
 



















 
 
Year Ended December 31,
 



Increase (Decrease) in Net Assets
 
2016
 
 
2015
 





 
From operations —

 
  



 
Net investment income

 
$
17,389,048
  
 
$
19,471,011
  



 
Net realized gain from investment transactions, written options and foreign currency transactions

 
 
15,656,080
  
 
 
38,614,753
  



 
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency

 
 
369,449
  
 
 
(11,434,605
) 



 
Net increase in net assets from operations

 
$
33,414,577
  
 
$
46,651,159
  



 
Distributions to shareholders —

 
  



 
From net investment income

 
$
(16,535,796
) 
 
$
(19,446,346
) 



 
Tax return of capital

 
 
(107,746,742
) 
 
 
(104,836,192
) 



 
Total distributions

 
$
(124,282,538
) 
 
$
(124,282,538
) 









 
Net decrease in net assets

 
$
(90,867,961
) 
 
$
(77,631,379
) 







Net Assets
  



 
At beginning of year

 
$
1,230,445,321
  
 
$
1,308,076,700
  



 
At end of year

 
$
1,139,577,360
  
 
$
1,230,445,321
  







Accumulated distributions in excess of net investment income
included in net assets		
   



 
At end of year

 
$
(3,293,357
) 
 
$
(3,830,031
) 



 
 















 
17
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Financial Highlights 


 
 
 































 
 
Year Ended December 31,
 



  
 
2016
 
 
2015
 
 
2014
 
 
2013
 
 
2012
 





 
Net asset value — Beginning of year

 
$
11.560
  
 
$
12.290
  
 
$
13.130
  
 
$
12.370
  
 
$
12.220
  












Income (Loss) From Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 
Net investment income(1)

 
$
0.163
  
 
$
0.183
  
 
$
0.233
  
 
$
0.173
  
 
$
0.223
  



 
Net realized and unrealized gain

 
 
0.155
  
 
 
0.255
  
 
 
0.095
  
 
 
1.754
  
 
 
1.084
  












 
Total income from operations

 
$
0.318
  
 
$
0.438
  
 
$
0.328
  
 
$
1.927
  
 
$
1.307
  












Less Distributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 
From net investment income

 
$
(0.155
) 
 
$
(0.183
) 
 
$
(0.242
) 
 
$
(0.189
) 
 
$
(0.233
) 



 
Tax return of capital

 
 
(1.013
) 
 
 
(0.985
) 
 
 
(0.926
) 
 
 
(0.979
) 
 
 
(0.935
) 












 
Total distributions

 
$
(1.168
) 
 
$
(1.168
) 
 
$
(1.168
) 
 
$
(1.168
) 
 
$
(1.168
) 












 
Anti-dilutive effect of share repurchase program (see Note 5)(1)

 
$
—
  
 
$
—
  
 
$
—
  
 
$
0.001
  
 
$
0.011
  












 
Net asset value — End of year

 
$
10.710
  
 
$
11.560
  
 
$
12.290
  
 
$
13.130
  
 
$
12.370
  












 
Market value — End of year

 
$
10.070
  
 
$
11.230
  
 
$
11.020
  
 
$
12.100
  
 
$
10.690
  












 
Total Investment Return on Net Asset Value(2)

 
 
3.46
% 
 
 
3.92
% 
 
 
2.97
% 
 
 
17.46
% 
 
 
12.46
% 












 
Total Investment Return on Market Value(2)

 
 
0.14
% 
 
 
12.59
% 
 
 
0.19
% 
 
 
25.26
% 
 
 
15.53
% 












Ratios/Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 
Net assets, end of year (000’s omitted)

 
$
1,139,577
  
 
$
1,230,445
  
 
$
1,308,077
  
 
$
1,397,576
  
 
$
1,317,270
  



 
Ratios (as a percentage of average daily net assets):

 



 



 



 



 






 
Expenses(3)

 
 
1.10
% 
 
 
1.09
% 
 
 
1.10
% 
 
 
1.10
% 
 
 
1.08
% 



 
Net investment income

 
 
1.50
% 
 
 
1.50
% 
 
 
1.80
% 
 
 
1.37
% 
 
 
1.77
% 



 
Portfolio Turnover

 
 
8
% 
 
 
7
% 
 
 
2
% 
 
 
2
% 
 
 
5
% 


 
 





(1) 
Computed using average shares outstanding. 
 
 





(2) 
Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under
the Fund’s dividend reinvestment plan. 
 
 





(3) 
Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.


 
 















 
18
 
See Notes to Financial Statements.








 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements 


 
 
 


1  Significant Accounting Policies 
 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as
a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. 


The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United
States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946. 


A  Investment Valuation — The following methodologies are used to
determine the market value or fair value of investments. 
 
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued
at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed
on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest
available bid and asked prices. 
 
Derivatives. Exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by
the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options.
Over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the
volatility of the underlying instrument and the period of time until option expiration. 
 
Foreign Securities and Currencies. Foreign securities and currencies
are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and
implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign
exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain
criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that
have a strong correlation to the fair-valued securities. 
 
Fair Valuation. Investments for which valuations or market quotations are not readily available or
are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect
to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not
limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or
relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or
entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold. 
 
B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses
on investments sold are determined on the basis of identified cost. 
 
C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date
has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance
with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned
in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2016, the Fund recorded no income for reclaims of previously withheld
dividend taxes and approximately $56,000 of previously recorded income for dividend tax reclaims is unpaid and included in Tax reclaims receivable in the Statement of Assets and Liabilities. No other amounts for additional tax reclaims are reflected
in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. 


D  Federal Taxes — The Fund’s policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains.
Accordingly, no provision for federal income or excise tax is necessary. 
 
As of December 31, 2016, the Fund had no uncertain tax positions that would
require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is
subject to examination by the Internal Revenue Service for a period of three years from the date of filing. 


E  Foreign Currency Translation — Investment valuations, other
assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in


 
 















 
19
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements — continued

 
 
 
 


foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses
on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that
results from fluctuations in foreign currency exchange rates is not separately disclosed. 
 
F  Use of
Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. 


G  Indemnifications — Under the Fund’s organizational
documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts
business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any
shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers
that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. 


H  Written Options — Upon the writing of a call or a put option, the
premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to
reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from
writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of
cash determined by the excess of the strike price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the strike price of the option (in the case of a call) at contract termination. If a put
option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or
purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a
liquid secondary market does not exist. 
 
2  Distributions to Shareholders and Income Tax Information 


Subject to its Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and
interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on
the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax
basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.
For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. 


The tax character of distributions declared for the years ended December 31, 2016 and December 31, 2015 was as follows: 


 



















 
 
Year Ended December 31,
 



  
 
2016
 
  
2015
 











 
Distributions declared from:

 



  






 
Ordinary income

 
$
16,535,796
  
  
$
19,446,346
  



 
Tax return of capital

 
$
107,746,742
  
  
$
104,836,192
  


 
During the year ended December 31, 2016, accumulated net realized loss was decreased by $316,937, accumulated distributions in excess
of net investment income was increased by $316,578 and paid-in capital was decreased by $359 due to differences between book and tax accounting, primarily for foreign currency gain (loss), investments in
passive foreign investment companies (PFICs), distributions from real estate investment trusts (REITs), return of capital distributions from securities and investments in partnerships. These reclassifications had no effect on the net assets or net
asset value per share of the Fund. 

 
 















 
20
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements — continued

 
 
 
 


As of December 31, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows: 


 

















 
Deferred capital losses

 
$
(23,825,442
) 



 
Late year ordinary losses

 
$
(104,332
) 



 
Net unrealized appreciation

 
$
570,465,962
  


 
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the
Statement of Assets and Liabilities are primarily due to wash sales, option contracts, investments in partnerships, distributions from REITs and investments in PFICs. 


At December 31, 2016, the Fund, for federal income tax purposes, had deferred capital losses of $23,825,442 which would reduce its taxable income arising from future
net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability
for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital
losses at December 31, 2016, $23,825,442 are short-term. 
 
Additionally, at December 31, 2016, the Fund had a late year ordinary loss of $104,332, related to
certain specified losses realized after October 31, 2016, which it has elected to defer to the following taxable year pursuant to income tax regulations. 
 
The
cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2016, as determined on a federal income tax basis, were as follows: 
 
 






















 
Aggregate cost

 
$
571,846,619
  








 
Gross unrealized appreciation

 
$
577,676,489
  



 
Gross unrealized depreciation

 
 
(5,159,352
) 








 
Net unrealized appreciation

 
$
572,517,137
  


 
3  Investment Adviser Fee and Other Transactions with Affiliates 


The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is
computed at an annual rate of 1.00% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the year ended
December 31, 2016, the Fund’s investment adviser fee amounted to $11,662,088. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio
Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. EVM also serves as
administrator of the Fund, but receives no compensation. 
 
Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their
services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation
Plan. For the year ended December 31, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM. 
 
4  Purchases and Sales of Investments 
 
Purchases and sales of investments, other than short-term obligations, aggregated $95,074,196
and $218,028,805, respectively, for the year ended December 31, 2016. 
 
5  Common Shares of Beneficial Interest 


The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the years ended December 31, 2016 and
December 31, 2015. 
 
The Board of Trustees of the Fund approved the continuation of the Fund’s share repurchase program that has been in effect since
August 6, 2012. Pursuant to the terms of the reauthorization of the program, the Fund may repurchase up to 10% of its common shares outstanding as of September 30, 

 
 















 
21
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements — continued

 
 
 
 


2013 in open market transactions at a discount to net asset value (NAV). The terms of the reauthorization increased the number of shares available for repurchase. The
repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the years ended December 31, 2016 and December 31, 2015. 


6  Financial Instruments 
 
The Fund may trade in
financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent
the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at
December 31, 2016 is included in the Portfolio of Investments. All of the securities of the Fund, unless otherwise pledged, are subject to segregation to satisfy the requirements of the escrow agent with respect to exchange-traded options. At
December 31, 2016, the Fund had sufficient cash and/or securities to cover commitments under these contracts. 
 
Written options activity for the year ended
December 31, 2016 was as follows: 
 
 



















  
 
Number of 
Contracts		
 
  
Premiums 
Received		
 











 
Outstanding, beginning of year

 
 
851,940
  
  
$
11,844,677
  



 
Options written

 
 
10,535,730
  
  
 
151,441,446
  



 
Options terminated in closing purchase transactions

 
 
(4,760,435
) 
  
 
(63,264,380
) 



 
Options exercised

 
 
(4,290
) 
  
 
(15,903,400
) 



 
Options expired

 
 
(5,862,325
) 
  
 
(72,867,209
) 









 
Outstanding, end of year

 
 
760,620
  
  
$
11,251,134
  


 
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options
above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium
received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline. The Fund is not subject to counterparty credit risk with respect to its written options as the Fund, not the counterparty, is
obligated to perform under such derivatives. 
 
The Fund enters into over-the-counter
(OTC) written options that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time,
which would trigger a payment by the Fund for those derivatives in a liability position. At December 31, 2016, the fair value of derivatives with credit-related contingent features in a net liability position was $7,214,941. At
December 31, 2016, there were no assets pledged by the Fund for such liability. 
 
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC
derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master
Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the
ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or
prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a
stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it. 


The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral
requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral
due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the
Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of
cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments. 

 
 















 
22
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements — continued

 
 
 
 


The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is
equity price risk at December 31, 2016 was as follows: 
 
 



















 
 
Fair Value
 



Derivative
 
Asset Derivative
 
  
Liability Derivative(1)
 











 
Written options

 
$
        —
  
  
$
(10,110,135
) 









 
Derivatives not subject to master netting or similar
agreements

 
$
—
  
  
$
(2,895,194
) 









 
Total Derivatives subject to master netting or similar
agreements

 
$
—
  
  
$
(7,214,941
) 


 
 





(1) 
Statement of Assets and Liabilities location: Written options outstanding, at value. 
 
The Fund’s derivative assets
and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative liabilities by counterparty, net of amounts
available for offset under a master netting agreement and net of the related collateral pledged by the Fund for such liabilities as of December 31, 2016. 
 
 































Counterparty
 
Derivative
Liabilities Subject to
Master Netting
Agreement		
 
  
Derivatives
Available
for Offset		
 
  
Non-cash
Collateral
Pledged(a)		
 
  
Cash
Collateral
Pledged(a)		
 
  
Net Amount
of Derivative
Liabilities(b)		
 














 
Barclays Bank PLC

 
$
(2,508,202
) 
  
$
        —
  
  
$
        —
  
  
$
        —
  
  
$
(2,508,202
) 



 
Citibank, N.A.

 
 
(355,523
) 
  
 
—
  
  
 
—
  
  
 
—
  
  
 
(355,523
) 



 
Credit Suisse International

 
 
(852,966
) 
  
 
—
  
  
 
—
  
  
 
—
  
  
 
(852,966
) 



 
Deutsche Bank AG

 
 
(1,570,826
) 
  
 
—
  
  
 
—
  
  
 
—
  
  
 
(1,570,826
) 



 
Morgan Stanley & Co. International PLC

 
 
(101,868
) 
  
 
—
  
  
 
—
  
  
 
—
  
  
 
(101,868
) 



 
Société Générale

 
 
(1,279,544
) 
  
 
—
  
  
 
—
  
  
 
—
  
  
 
(1,279,544
) 



 
UBS AG

 
 
(546,012
) 
  
 
—
  
  
 
—
  
  
 
—
  
  
 
(546,012
) 












 
 
$
(7,214,941
) 
  
$
—
  
  
$
—
  
  
$
—
  
  
$
(7,214,941
) 


 
 





(a) 
In some instances, the actual collateral pledged may be more than the amount shown due to overcollateralization. 
 
 





(b) 
Net amount represents the net amount payable to the counterparty in the event of default. 
 
The effect of derivative
instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2016 was as follows: 


 



















Derivative
 
Realized Gain (Loss)
on Derivatives Recognized
in Income(1)		
 
  
Change in Unrealized
Appreciation (Depreciation)
on
Derivatives Recognized in Income(2)		
 











 
Written options

 
$
(18,139,261
) 
  
$
(1,080,154
) 


 
 





(1) 
Statement of Operations location: Net realized gain (loss) – Written options. 
 
 





(2) 
Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options. 
 
7  Risks Associated with Foreign Investments 
 
Investing in securities issued by companies whose principal business activities are
outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting
requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments
in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial
instability or diplomatic and other developments which could affect such investments. Foreign securities 

 
 















 
23
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements — continued

 
 
 
 


markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and
issuers than in the United States. 
 
8  Fair Value Measurements 


Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in
valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. 
 
• Level 1 –
quoted prices in active markets for identical investments 
 
• Level 2 – other significant observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.) 
 
• Level 3 – significant unobservable inputs (including a fund’s own
assumptions in determining the fair value of investments) 
 
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy,
the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. 
 
At December 31, 2016, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which
are carried at value, were as follows: 
 
 



























Asset Description
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 









 
Common Stocks

 
  



 
Consumer Discretionary

 
$
100,971,592
  
  
$
70,547,166
  
  
$
        —
  
  
$
171,518,758
  



 
Consumer Staples

 
 
53,613,813
  
  
 
72,219,280
  
  
 
—
  
  
 
125,833,093
  



 
Energy

 
 
24,802,338
  
  
 
35,005,877
  
  
 
—
  
  
 
59,808,215
  



 
Financials

 
 
63,306,121
  
  
 
88,742,008
  
  
 
—
  
  
 
152,048,129
  



 
Health Care

 
 
76,561,792
  
  
 
72,530,102
  
  
 
—
  
  
 
149,091,894
  



 
Industrials

 
 
42,265,616
  
  
 
69,562,743
  
  
 
—
  
  
 
111,828,359
  



 
Information Technology

 
 
220,444,743
  
  
 
29,422,013
  
  
 
—
  
  
 
249,866,756
  



 
Materials

 
 
11,307,791
  
  
 
40,384,208
  
  
 
—
  
  
 
51,691,999
  



 
Real Estate

 
 
8,941,636
  
  
 
6,347,118
  
  
 
—
  
  
 
15,288,754
  



 
Telecommunication Services

 
 
9,855,501
  
  
 
26,212,847
  
  
 
—
  
  
 
36,068,348
  



 
Utilities

 
 
13,180,664
  
  
 
8,138,787
  
  
 
—
  
  
 
21,319,451
  











 
Total Common Stocks

 
$
625,251,607
  
  
$
519,112,149
* 
  
$
—
  
  
$
1,144,363,756
  











 
Total Investments

 
$
625,251,607
  
  
$
519,112,149
  
  
$
—
  
  
$
1,144,363,756
  










 
Liability Description

 
  

  
 
 
 
  
 
 
 
  
 
 
 











 
Call Options Written

 
$
(2,895,194
) 
  
$
(7,214,941
) 
  
$
—
  
  
$
(10,110,135
) 











 
Total

 
$
(2,895,194
) 
  
$
(7,214,941
) 
  
$
—
  
  
$
(10,110,135
) 


 
 





*
Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign
markets. 
 
The Fund held no investments or other financial instruments as of December 31, 2015 whose fair value was determined using Level 3
inputs. At December 31, 2016, there were no investments transferred between Level 1 and Level 2 during the year then ended. 


9  Legal Proceedings 
 
In November 2010, the
Fund was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of
shares in the Tribune Company (Tribune) in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced by a Litigation Trustee pursuant to Tribune’s plan of
reorganization, seeks to recover payments of the proceeds of the LBO. This action is now part 

 
 















 
24
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Notes to Financial Statements — continued

 
 
 
 


of a multi-district litigation proceeding in the Southern District of New York. The value of the proceeds received by the Fund is approximately $891,000 (equal to 0.08%
of net assets at December 31, 2016). 
 
The Fund cannot predict the outcome of these proceedings or the effect, if any, on the Fund’s net asset value. The
attorneys’ fees and costs related to these actions are expensed by the Fund as incurred. 
 
 

 
 















 
25
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Report of Independent Registered Public Accounting Firm

 
 
 
 


To the Trustees and Shareholders of Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund: 
 
We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the “Fund”), including the portfolio of investments, as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management.
Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 
 
We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of
material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our opinion. 
 
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of December 31, 2016, the
results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America. 
 
DELOITTE & TOUCHE LLP 


Boston, Massachusetts 
 
February 17, 2017 

 
 















 
26
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Federal Tax Information (Unaudited) 


 
 
 


The Form 1099-DIV you received in February 2017 showed the tax status of all distributions paid to your account in calendar year
2016. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of
qualified dividend income for individuals and the dividends received deduction for corporations. 
 
Qualified Dividend Income.  For the fiscal year
ended December 31, 2016, the Fund designates approximately $31,326,299, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%. 


Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s
dividend distribution that qualifies under tax law. For the Fund’s fiscal 2016 ordinary income dividends, 75.72% qualifies for the corporate dividends received deduction. 

 
 















 
27
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Dividend Reinvestment Plan 


 
 
 


The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of
the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock
Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued.
The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any)
are taxable whether or not Shares are reinvested. 
 
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to
participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Fund’s transfer agent re-register your Shares in your name or you will not be able to
participate. 
 
The Agent’s service fee for handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage
commissions on all open-market purchases. 
 
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following
page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is
authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds. 
 
If you wish to participate in the Plan and your Shares are held in your own name, you
may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at
1-866-439-6787. 

 
 















 
28
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Application for Participation in Dividend Reinvestment Plan

 
 
 
 


 


This form is for shareholders who hold their common shares in their own names. If your common shares are held in the
name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on
your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan. 


The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the
Plan as provided in the terms and conditions of the Plan. 
 
 


 
 
Please print exact name on
account 
 
 
 
Shareholder
signature
                                         
                Date 
 
 


Shareholder signature
                                         
                Date 
 
Please sign exactly as your common shares are
registered. All persons whose names appear on the share certificate must sign. 
 
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR
DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY. 
 
This authorization form, when signed, should be mailed to the following address: 


Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 


c/o American Stock Transfer & Trust Company, LLC 


P.O. Box 922 
 
Wall Street Station 


New York, NY 10269-0560 
 
 


 
 
Number of Employees 


The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees. 
 
Number of Shareholders 


As of December 31, 2016, Fund records indicate that there are 31 registered shareholders and approximately 54,051 shareholders owning the Fund shares
in street name, such as through brokers, banks, and financial intermediaries. 
 
If you are a street name shareholder and wish to receive Fund reports
directly, which contain important information about the Fund, please write or call: 
 
Eaton Vance Distributors, Inc. 


Two International Place 
 
Boston, MA 02110 


1-800-262-1122 


New York Stock Exchange symbol 
 
The New York
Stock Exchange symbol is ETW. 

 
 















 
29
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Management and Organization 


 
 
 


Fund Management.  The Trustees of Eaton Vance Tax-Managed Global
Buy-Write Opportunities Fund (the Fund) are responsible for the overall management and supervision of the Fund’s affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each
individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under
the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to
Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate
parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is
comparable to his or her position with EVM listed below. Each Trustee oversees 177 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton
Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected. 
 
 

















Name and Year of Birth
  
 
Position(s)


with the
 
Fund

    
 
Term Expiring;


Trustee
 
Since(1)

    
 
Principal Occupation(s) and Directorships


During Past Five Years and Other Relevant Experience





 
Interested Trustee

  

    

    











 
Thomas E. Faust Jr.
 
1958

  
 
Class I


Trustee

    
 
Until 2018.


Trustee since 2007.

    
 
Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and
Director of EVD and EVMI. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Fund.


Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management
firm).











  

    

    




 
Noninterested Trustees

  

    

    











 
Scott E. Eston
 
1956

  
 
Class I


Trustee

    
 
Until 2018.
 
Trustee
since 2011.

    
 
Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., LLC (investment management firm) (1997-2009), including
Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered
investment company) (2006-2009). Former Partner, Coopers and Lybrand LLP (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Trustees that
he intends to retire as a Trustee of all Eaton Vance funds effective September 30, 2017.
 
Directorships in the Last Five Years.(2) None.










 
Mark R. Fetting(3)


1954

  
 
Class III


Trustee

    
 
Until 2017.


Trustee since 2016.

    
 
Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive
Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly,
Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
 
Directorships in the
Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds)
(2001-2012).










 
Cynthia E. Frost
 
1961

  
 
Class I


Trustee

    
 
Until 2018.
 
Trustee
since 2014.

    
 
Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management
Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment
Management Company (1983-1985).
 
Directorships in the Last Five Years. None.










 
George J. Gorman
 
1952

  
 
Class II


Trustee

    
 
Until 2019.
 
Trustee
since 2014.

    
 
Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm)
(1974-2009).
 
Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore
Funds (9 funds) (2010-2014).

 
 















 
30
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Management and Organization — continued 


 
 
 


















Name and Year of Birth
  
 
Position(s)


with the
 
Fund

    
 
Term Expiring;


Trustee
 
Since(1)

    
 
Principal Occupation(s) and Directorships


During Past Five Years and Other Relevant Experience





 
Noninterested Trustees (continued)

    

    











 
Valerie A. Mosley
 
1960

  
 
Class III


Trustee

    
 
Until 2017.


Trustee since 2014.

    
 
Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio
Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at
Kidder Peabody (1986-1990).
 
Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc.
(mortgage REIT) (since 2013).










 
William H. Park
 
1947

  
Chairperson of the Board and Class II Trustee
    
 
Until 2019.


Chairperson of the Board since 2016 and Trustee since 2003.

    
 
Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC
(investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981).
 
Directorships in the Last Five Years.(2) None.










 
Helen Frame Peters
 
1948

  
 
Class III


Trustee

    
 
Until 2017.
 
Trustee
since 2008.

    
 
Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002).
Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).
 
Directorships in the Last Five Years.(2) Formerly,
Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of
Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).










 
Susan J. Sutherland
 
1957

  
 
Class II


Trustee

    
 
Until 2019.
 
Trustee
since 2015.

    
 
Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).


Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).










 
Harriett Tee Taggart
 
1948

  
 
Class II


Trustee

    
 
Until 2019.
 
Trustee
since 2011.

    
 
Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP
(investment management firm) (1983-2006).
 
Directorships in the Last Five Years.(2) Director of
Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).










 
Ralph F. Verni
 
1943

  
 
Class III


Trustee

    
 
Until 2017.
 
Trustee
since 2005.

    
 
Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New
England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State
Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (financial services cooperative) (2002-2006). Consistent with the Trustee
retirement policy, Mr. Verni is currently expected to retire as a Trustee of all Eaton Vance funds effective July 1, 2017.
 
Directorships in the Last
Five Years.(2) None.

 
 















 
31
 









 
Eaton Vance 


Tax-Managed Global Buy-Write Opportunities Fund 
 
December
31, 2016 
 
 
 
Management and Organization — continued 


 
 
 


















Name and Year of Birth
  
 
Position(s)


with the
 
Fund

    
 
Term Expiring;


Trustee
 
Since(1)

    
 
Principal Occupation(s) and Directorships


During Past Five Years and Other Relevant Experience





 
Noninterested Trustees (continued)

    

    











 
Scott E. Wennerholm(3)


1959

  
 
Class I


Trustee

    
 
Until 2018.


Trustee since 2016.

    
 
Consultant at GF Parish Group (executive recruiting firm). Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief
Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm)
(1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
 
Directorships in the Last Five
Years. None.











  

    

    




 
Principal Officers who are not Trustees

    




Name and Year of Birth
  
 
Position(s)


with the
 
Fund

    
 
Officer


Since(4)

    
 
Principal Occupation(s)


During Past Five Years



 
Edward J. Perkin
 
1972

  
President
    
2014
    
Vice President and Chief Equity Investment Officer of EVM and BMR. Prior to joining EVM in 2014, Mr. Perkin was Chief Investment Officer, International and Emerging Markets Equity, and Managing Director, Portfolio Manager,
Europe, EAFE and Global, at Goldman Sachs Asset Management.










 
Maureen A. Gemma
 
1960

  
Vice President, Secretary and Chief Legal Officer
    
2005
    
Vice President of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).










 
James F. Kirchner
 
1967

  
Treasurer
    
2007
    
Vice President of EVM and BMR. Also Vice President of CRM.










 
Paul M. O’Neil
 
1953

  
Chief Compliance Officer
    
2004
    
Vice President of EVM and BMR.


 
 





(1) 
Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual
meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. 





(2) 
During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the
years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014);
eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998
and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and
terminated in 2014). 





(3) 
Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016. 





(4) 
Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of
funds. Titles may have changed since initial election. 

 
 















 
32
 









 
Eaton Vance Funds 
 
 


IMPORTANT NOTICES 
 
 


 
 
Privacy.  The Eaton Vance
organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 
 





•
 
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social
security number, tax status, account balances and transactions. 
 
 





•
 
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of
servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers. 


 





•
 
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. 


 





•
 
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage:
www.eatonvance.com. 
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and
Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial
advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122. 
 
Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of
shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps
eliminate duplicate mailings to shareholders. American Stock Transfer and Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing
of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that
householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor. 
 
Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q
with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at
the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public
reference room). 
 
Proxy Voting.  From time to time, funds are required to vote proxies
related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a
description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without
charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. 


Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase
program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific
amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders. 


Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its
outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. 


Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is
available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website
approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”. 


 

 
 















 
33
 









 
 
 
 
 
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Investment Adviser and Administrator 


Eaton Vance Management 
 
Two International Place

 
Boston, MA 02110 
 
Sub-Adviser 
 
Parametric Portfolio Associates LLC 


1918 Eighth Avenue, Suite 3100 


Seattle, WA 98101 
 
Custodian

 
State Street Bank and Trust Company 
 
State
Street Financial Center, One Lincoln Street 
 
Boston, MA 02111


 
Transfer Agent 


American Stock Transfer & Trust Company, LLC 


6201 15th Avenue 
 
Brooklyn, NY 11219

 
Independent Registered Public Accounting Firm 


Deloitte & Touche LLP 
 
200 Berkeley Street

 
Boston, MA 02116-5022 


Fund Offices 
 
Two International
Place 
 
Boston, MA 02110

 








 



LOGO
 
 
2552    12.31.16 







 
Item 2. Code of Ethics 


The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The
registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR
during the period covered by this report to make clarifying changes consistent with Rule 21F-17 of the Securities Exchange Act of 1934, as amended. The registrant has not granted any waiver, including an
implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report. 


Item 3. Audit Committee Financial Expert 
 
The
registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief
Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief 







 

Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional
investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm). 


Item 4. Principal Accountant Fees and Services 
 
Rule
2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche
LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it
receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit
Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds within the Eaton Vance
family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s
conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds. 
 
D&T advised the Audit Committee of its
conclusion that, in light of the facts surrounding its lending relationships, D&T’s objectivity and impartiality in the planning and conduct of the audits of the Funds financial statements will not be compromised, D&T is in a position
to continue as the auditor for the Funds and no actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on the following considerations:
(1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T. 


On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to
another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to
the auditor independence issue described above. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the
Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships;
and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on
information provided by D&T, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. After giving consideration to the guidance
provided in the No-Action Letter, D&T affirmed to the Audit Committee that D&T is an independent accountant with respect to the Funds within the meaning of the rules and standards of the PCAOB and the
securities laws and regulations administered by the SEC. The SEC has indicated that the no-action relief will expire 18 months from its issuance. 


(a) –(d) 
 
The following table presents the aggregate
fees billed to the registrant for the registrant’s fiscal years ended December 31, 2015 and December 31, 2016 by D&T for professional services rendered for the audit of the registrant’s annual financial statements and fees
billed for other services rendered by D&T during such periods. 


























 
Fiscal Years Ended

  
12/31/15
 
  
12/31/16
 





 
Audit Fees

  
$
44,050
 
  
$
54,450
 



 
Audit-Related Fees(1)

  
$
0
 
  
$
0
 



 
Tax Fees(2)

  
$
12,562
 
  
$
12,824
 



 
All Other Fees(3)

  
$
0
 
  
$
0
 




  
 
 

 
 

 
  
 
 

 
 

 



 
Total

  
$
56,612
 
  
$
67,274
 




  
 
 

 
 

 
  
 
 

 
 

 


 
 





(1) 
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of
audit fees. 





(2) 
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return
preparation and other related tax compliance/planning matters. 





(3) 
All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. 


(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of
services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to
assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of
audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the
pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically
pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee. 


The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation,
and oversight of the work of the registrant’s principal accountant. 
 
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X. 


(f) Not applicable. 
 
(g) The following table presents
(i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended December 31, 2015 and
December 31, 2016; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods. 


 



















 
Fiscal Years Ended

  
12/31/15
 
  
12/31/16
 





 
Registrant

  
$
12,562
 
  
$
12,824
 



 
Eaton Vance(1)

  
$
56,434
 
  
$
46,000
 


 
 





(1) 
The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp. 


(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of
non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not
pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence. 







 
Item 5. Audit Committee of Listed Registrants 


The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Ralph F. Verni (Chair), Scott E. Eston, George J. Gorman, William H. Park and Scott E. Wennerholm are the members of the registrant’s audit committee. 


Item 6. Schedule of Investments 
 
Please see schedule
of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. 
 
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies 
 
The Board of
Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment
adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain
from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment
adviser on the appropriate course of action. 
 
The Policies are designed to promote accountability of a company’s management to its shareholders and
to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of
vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the
Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets,
termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except
in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time
to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or
insignificant. 
 
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders
and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing
and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the
Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of
interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee. 







 
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period
ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities
and Exchange Commission’s website at http://www.sec.gov. 
 
Item 8. Portfolio Managers of
Closed-End Management Investment Companies 
 
Eaton Vance Management (“EVM” or “Eaton Vance”)
is the investment adviser of the Fund. EVM has engaged its affiliate, Parametric Portfolio Associates LLC (“Parametric”), as the sub-adviser of the Fund. Michael A. Allison and Thomas C. Seto
comprise the investment team responsible for the overall and day-to-day management of the Fund’s investments. 


Mr. Allison is a Vice President of EVM, is a member of EVM’s Equity Strategy Committee and has been a portfolio manager of the Fund since June 2015.
Mr. Seto is Head of Investment Management at Parametric’s Seattle Investment Center and has been a portfolio manager of the Fund since April 2005. Messrs. Allison and Seto have managed other Eaton Vance portfolios for more than five years.
This information is provided as of the date of filing this report. 
 
The following table shows, as of the Fund’s most recent fiscal year end, the
number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the
advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts. 
 
 



























 
  
Number of
All
Accounts		
 
  
Total Assets of
All
Accounts		
 
 
Number of
Accounts
Paying a
Performance Fee		
 
  
Total Assets
of Accounts
Paying
a Performance
Fee		
 





 
Michael A. Allison

  



  



 



  






 
Registered Investment Companies

  
 
15
 
  
$
25,774.5
 
 
 
0
 
  
$
0
 



 
Other Pooled Investment Vehicles

  
 
14
 
  
$
12,705.4
(1) 
 
 
0
 
  
$
0
 



 
Other Accounts

  
 
17
 
  
$
42.0
 
 
 
0
 
  
$
0
 



 
Thomas C. Seto

  



  



 



  






 
Registered Investment Companies

  
 
37
 
  
$
23,044.2
(2) 
 
 
0
 
  
$
0
 



 
Other Pooled Investment Vehicles

  
 
12
 
  
$
3,579.0
 
 
 
0
 
  
$
0
 



 
Other Accounts

  
 
11,766
 
  
$
67,418.2
(3) 
 
 
2
 
  
$
974.5
 


 
 





(1) 
Certain of these “Other Pooled Investment Vehicles” invest a substantial portion of their assets either in a registered investment company or in a separate pooled investment vehicle managed by this portfolio
manager or another Eaton Vance portfolio manager. 





(2) 
This portfolio manager provides investment advice with respect to only a portion of the total assets of certain of these accounts. Only the assets allocated to this portfolio manager as of the Fund’s most recent
fiscal year end are reflected in the table. 












(3) 
For “Other Accounts” that are part of a wrap account program, the number of accounts is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual
customer accounts within each wrap account program. 
 
The following table shows the dollar range of Fund shares beneficially owned by each
portfolio manager as of the Fund’s most recent fiscal year end. 
 
 













 
Portfolio Manager

  
 
Dollar Range of Equity Securities


Beneficially Owned in the Fund





 
Michael A. Allison

  
None



 
Thomas C. Seto

  
None


 
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio
manager’s management of a Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating
management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may
take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by the portfolio manager may compensate investment adviser or the
sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the
allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. EVM and
Parametric have adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s and sub-adviser’s
trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution. 


Compensation Structure for EVM 
 
Compensation of
EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of Eaton
Vance Corp.’s (“EVC’s”) nonvoting common stock and restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly
available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at
or shortly after the October 31st fiscal year end of EVC. 
 
Method to Determine Compensation. EVM compensates its portfolio managers based primarily
on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition
to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe ratio (Sharpe ratio
uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of
funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily
against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. A
portion of the compensation payable to equity portfolio managers and investment 







 

professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess
of the account benchmark. The cash bonus to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from
the specified target return. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds,
performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving
its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have
performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. 
 
The compensation of
portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in
meeting them. 
 
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms
within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment
professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on
changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation. 


Compensation Structure for Parametric 
 
Compensation of
Parametric portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) a cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC nonvoting
common stock, restricted shares of EVC nonvoting common stock and, for certain individuals, grants of profit participation interests in Parametric. Parametric investment professionals also receive certain retirement, insurance and other benefits
that are broadly available to Parametric employees. Compensation of Parametric investment professionals is reviewed primarily on an annual basis. Stock-based compensation awards and adjustments in base salary and bonus are typically paid and/or put
into effect at or shortly after fiscal year-end. 
 
Method to Determine Compensation. Parametric seeks to
compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. The performance of portfolio managers is evaluated primarily based on success in
achieving portfolio objectives for managed funds and accounts. The compensation of portfolio managers with other job responsibilities (such as product development) will include consideration of the scope of such responsibilities and the
managers’ performance in meeting them. 
 
Salaries, bonuses and stock-based compensation are also influenced by the operating performance of Parametric
and EVC, its parent company. Cash bonuses available overall are determined based on a target percentage of Parametric profits. While the salaries of Parametric portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may
fluctuate substantially from year to year, based on changes in financial performance and other factors. 







 
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers 
 
No such purchases this period. 


Item 10. Submission of Matters to a Vote of Security Holders 


No material changes. 
 
Item 11. Controls and Procedures

 
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the
registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the
registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to
the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. 
 
(b)
There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting. 
 
Item 12. Exhibits 


 















(a)(1)
 
Registrant’s Code of Ethics – Not applicable (please see Item 2).








(a)(2)(i)
 
Treasurer’s Section 302 certification.








(a)(2)(ii)
 
President’s Section 302 certification.








(b)
 
Combined Section 906 certification.








(c)
 
Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding
distributions paid pursuant to the Registrant’s Managed Distribution Plan.









 
Signatures 


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. 
 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 
 
 















By:
 
 
/s/ Edward J. Perkin




 
Edward J. Perkin




 
President








Date:
 
February 27, 2017


 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 
 
 















By:
 
 
/s/ James F. Kirchner




 
James F. Kirchner




 
Treasurer








Date:
 
February 27, 2017








By:
 
 
/s/ Edward J. Perkin




 
Edward J. Perkin




 
President








Date:
 
February 27, 2017